Frigoglass S.a.i.c. · ATHEX:FRIGO

Frigoglass S.a.i.c — Q3 2018 Earnings Presentation

17 slides from Frigoglass S.a.i.c's earnings presentation, Nov 16, 2018

  1. Slide 1: Results Presentation – Third quarter 2018

    Results Presentation Third quarter 2018 Nikos Mamoulis │Chief Executive Officer Harris Goritsas │Chief Financial Officer 16 November 2018

  2. Slide 2: Third quarter highlights – Sustained growth

    Third quarter highlights – Sustained growth  ICM sales +11% y-o-y – Continued growth momentum in Europe – Africa +20% y-o-y – Recovery in Asia  Soft crowns business and orders’ phasing impacted Glass top-line  Group comparable EBITDA margin at 14.9%; +550 bps y-o-y – Cost saving initiatives – Imp

  3. Slide 3: Sales growth momentum continued in Europe and Africa

    Sales growth momentum continued in Europe and Africa 3Q ICM sales by region (in €m) Total Europe +10% y-o-y Strong placements from Coca-Cola bottler in Eastern Europe +31% -7% 21 Western Europe -7% y-o-y, 19 18 cycling tough comparables 16 +20% Continued growth in Africa 12 due to orders’ phasing an

  4. Slide 4: Coca-Cola bottlers up 11% on demand & share growth

    Coca-Cola bottlers up 11% on demand & share growth 3Q ICM sales by customer group (in €m) Continued solid demand from Coca-Cola bottlers in Europe and Africa Increased demand from breweries in Africa +11% 38 34 +24% 10 9 9 8 3Q17 3Q18 3Q17 3Q18 3Q17 3Q18 Coca-Cola Breweries Other Customers Bottlers

  5. Slide 5: Glass impacted by crowns performance & orders’ phasing

    Glass impacted by crowns performance & orders’ phasing 3Q Glass Sales (in €m) Continuing Operations (Nigerian Operations) 25 -0.2 -0.2 -0.8 24 Glass 3Q17 Container Plastics Crowns 3Q18  Glass sales -5% y-o-y  Increased glass container demand from breweries, more than offset by orders’ phasing from

  6. Slide 6: Frigoglass is awarded a Gold rating by EcoVadis

    Frigoglass is awarded a Gold rating by EcoVadis  Gold medal for Frigoglass sustainable and socially responsible practices  Second consecutive year Frigoglass receives a Gold rating, with improved performance  Now among the top 1% of the best rated companies around the world Third quarter 2018 res

  7. Slide 7: Financial review

    Financial review Third quarter 2018 results 7 16 November 2018

  8. Slide 8: Financial performance overview

    Financial performance overview Group (in €m) 3Q18 3Q17 Change, % Sales 80.3 76.0 5.6% Comparable EBITDA 12.0 7.1 67.9% Comparable EBITDA margin, % 14.9% 9.4% 5.5pp Net Profit from continuing operations -1.7 -9.3 n.m. Group (in €m) 9M18 9M17 Change, % Sales 328.4 279.8 17.4% Comparable EBITDA 48.4 33

  9. Slide 9: 3Q segmental performance overview

    3Q segmental performance overview ICM Operations ICM Operations (in €m) 3Q18 3Q17 Change, % Sales: Sales 56.6 51.1 10.8% - Growth in Europe, Africa & Asia Comparable EBITDA 4.2 0.1 >100% EBITDA margin: Comparable EBITDA margin, % 7.5% 0.2% 7.3pp - Improved cost absorption Net Profit -4.6 -12.2 n.m.

  10. Slide 10: 9M segmental performance overview

    9M segmental performance overview ICM Operations ICM Operations (in €m) 9M18 9M17 Change, % Sales: Sales 254.2 215.9 17.7% - Growth in Europe and Comparable EBITDA 27.0 16.4 64.6% Africa EBITDA margin: Comparable EBITDA margin, % 10.6% 7.6% 3.0pp - Cost absorption Net Profit -7.7 -48.5 n.m. improvem

  11. Slide 11: Gross profit margin and opex over sales improvement

    Gross profit margin and opex over sales improvement Gross Profit Operating Expenses (in €m) (in €m) 21 16 10 10 3Q17 3Q18 3Q17 3Q18 20.6% 25.7% Gross margin, % 12.6% 12.2% Opex/Sales, % 75 58 29 30 9M17 9M18 9M17 9M18 20.7% 23.0% Gross margin, % 10.5% 9.3% Opex/Sales, % Gross profit and Operating Ex

  12. Slide 12: Strong cash flow generation

    Strong cash flow generation Group (in €m) – Continuing Operations 9M18 9M17 Change EBITDA 48.4 38.4 10.0 Net Trade Working Capital Change 7.0 -4.0 11.00 Capital Expenditure 11.2 7.2 4.0 Adjusted Free Cash Flow 25.9 8.1 17.8 Net Debt / LTM EBITDA 3.3x 7.8x  Net Trade Working Capital – Higher receiva

  13. Slide 13: Business Outlook

    Business Outlook Third quarter 2018 results 13 16 November 2018

  14. Slide 14: Business Outlook

    Business Outlook – 4Q sales down y-o-y; cycling tough comparables – Exceptionally strong orders from Coca- Cola bottlers in West Europe in 4Q17 – Focus on investments that will enable future growth – Additional glass capacity in Nigeria – SAP platform implementation – FY18 capex of €30-35 million Th

  15. Slide 15: Q&A

    Q&A For further information on Frigoglass please visit our website at: www.frigoglass.com Or contact: John Stamatakos Investor Relations Manager jstamatakos@frigoglass.com +30 210 61 65 767

  16. Slide 16: Concluding remarks – On track to deliver 2018 priorities

    Concluding remarks – On track to deliver 2018 priorities Group Sales Comparable EBITDA margin Adj. Free Cash Flow €328.4m 14.7% €25.9m +17.4% y-o-y +260bps y-o-y €8.1m in 9M17 Comparable EBITDA Net Debt / LTM EBITDA €48.4m 3.3x +43.0% y-o-y 7.8x at Sept.-end 2017 *From continuing operations Third qu

  17. Slide 17: Forward-looking statements

    Forward-looking statements This presentation may contain forward-looking statements which are based on current expectations and assumptions about future events. All statements other than statements of historical fact included in this presentation, including, without limitation, statements regarding

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