Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — H1 2012 Earnings Presentation
21 slides from Frigoglass S.a.i.c's earnings presentation, August 2012
Slide 1: Investor Presentation: Second Quarter and First Half 2012 Financial Results
What we do Ice-Cold Merchandisers xxx Investor Presentation Second Quarter and First Half 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) 1H12 Sales: €288.6 million (85% of total sales) Glass Operations 1H12 Sales: €49.6 million (15% of total sales) 3
Slide 4: Investment proposition
Investment proposition Broad Geographic Blue Chip Customers Competitive cost Innovation Reach structure Production and Our customer base Production in low cost Five R&D centers. distribution across include The Coca-Cola countries, highly Target of 20% of ICM five continents bottlers, major automated
Slide 5: Global presence
Global presence 12 production plants 22 sales offices in five continents Sales in more than 150 countries 5
Slide 6: ICM key industry features
ICM key industry features Market Immediate Geographic Environment Tailwinds Consumption Diversification • Population • Most profitable • Expand global • Key industry growth channel for footprint, priorities • GDP growth beverage accommodating • Energy and HFC- • Urbanisation companies customers’ nee
Slide 7: 1H12 highlights
1H12 highlights • Sales increased by 4.9%; Organic sales increased by 2.2%. • Business outside Europe accounted for more than 50% of first half sales, highlighting the increasing importance of these markets. • Cool Operations’ sales increased by 4.6%, driven by strong double digit growth in Africa/M
Slide 8: P&L Highlights
P&L Highlights (in €m) 1H12 1H11 Y-o-Y % 2Q12 2Q11 Y-o-Y % Sales 338.2 322.5 4.9% 179.1 187.7 -4.6% COGS 270.0 251.8 7.2% 142.9 148.9 -4.0% Gross Profit 68.2 70.7 -3.5% 36.2 38.8 -6.6% Operating Expenses 34.0 35.1 -3.1% 17.9 19.4 -7.8% Operating Profit (EBIT) 35.1 36.4 -3.5% 18.6 19.9 -6.6% Profit B
Slide 9: Balance Sheet
Balance Sheet (in €m) 1H12 1H11 Fixed Assets 267.9 234.6 Deferred Tax & Other LT Assets 14.7 12.2 Total Non-Current Assets 282.6 246.8 Inventories 178.9 157.0 Trade & Other Receivables 181.1 231.9 Cash & Cash Equivalents 86.5 74.8 Total Current Assets 446.5 463.7 TOTAL ASSETS 729.1 710.5 Long Term B
Slide 10: Cash Flow
Cash Flow (in €m) 1H12 1H11 Cash Generated 51.2 51.5 Change in Working Capital -20.7 -114.5 Net Cash Flow from Operations 30.5 -63.0 Net Cash Flow from Investment Activities -18.7 -15.0 Free Cash Flow 11.8 -78.0 Increase in Bank Loans -4.2 72.2 Interest Paid -10.4 -6.5 Net Increase/(Decrease) in Cas
Slide 11: Cool Operations
11 Cool Operations www. frigoglass.com
Slide 12: Cool Operations
Cool Operations Global Presence Ice Cold Merchandisers (ICMs) stimulate the promotion and selling of ice-cold drinks. ICMs are an integral part of beverage companies’ strategy towards on- trade drink consumption. 12
Slide 13: Cool Operations 1H12 Highlights
Cool Operations│1H12 Highlights • Sales at Cool Operations increased by 4.6%, cycling strong growth of 38.5% in the same period last year. • Sales in Eastern Europe in line with the prior year - weak performance in Russia offset by growth in Ukraine, Slovakia and Czech Republic. • In Western Europe,
Slide 14: Cool Operations Revenue breakdown
Cool Operations│Revenue breakdown Revenue by Geography Revenue by Customer Group (in €m) 1H12 1H11 Y-o-Y % (in €m) 1H12 1H11 Y-o-Y % Eastern Europe 118.1 118.0 0.1% Coca-Cola Hellenic 73.8 83.5 -11.6% Western Europe 50.3 64.6 -22.1% Coca-Cola Bottlers 90.5 79.7 13.6% Africa/Middle East 45.6 32.9 38.
Slide 15: Cool Operations P&L highlights
Cool Operations│P&L highlights (in €m) 1H12 1H11 Y-o-Y % 2Q12 2Q11 Y-o-Y % Sales 288.6 276.0 4.6% 155.8 166.2 -6.3% Operating Profit (EBIT) 30.0 27.3 9.8% 17.0 15.4 10.0% Net Profit 15.3 15.3 0.1% 8.7 8.5 1.7% EBITDA 39.1 35.9 8.9% 21.8 20.2 8.1% 15
Slide 16: Continuing innovation to drive growth
Continuing innovation to drive growth Eco cantina: a complete, solar-powered solution offering cold drink availability in rural areas Solar ICM: solar-powered ICM ideal for areas with limited power supply Fuel cell technology: an alternative power supply used for the first time in commercial refrige
Slide 17: Glass Operation
17 Glass Operation www.frigogiass.com
Slide 18: Glass Operations
Glass Operations Regional Africa/Middle East We manufacture glass containers and jars for beverage, pharmaceutical and cosmetic companies. Metal crowns and plastic crates complement the glass packaging solution offering. 18
Slide 19: Glass Operations P&L highlights
Glass Operations│P&L highlights Revenue Mix by Operations • Sales increased by 6.8% to €49.6 million, including €10.5 1H12 million from the Jebel Ali acquisition. Glass (ex-FJA) • Sales relating to glass products (ex-FJA) declined by 12.5% to 21% €25.6 million, negatively impacted by the planned clo
Slide 20: 2012 Outlook
2012 Outlook • Expect demand for coolers in Europe to remain weak for the rest of the year, while demand in all other regions will show continuing growth. • Anticipate Glass Operations will deliver continuing sales growth, reflecting the implementation of key customer projects that have been deferre
Slide 21: For further information on Frigoglass
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 21