Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Q4 2016 Earnings Presentation
16 slides from Frigoglass S.a.i.c's earnings presentation, Apr 27, 2017
Slide 1: Results Presentation: Fourth quarter 2016 results
Results Presentation Fourth quarter 2016 results Nikos Mamoulis │Chief Executive Officer Manolis Fafalios │Chief Financial Officer 27 April 2016
Slide 2: Key Transaction Elements
Key Transaction Elements Up to €142m gross debt deleveraging (1) Through the equitisation of 100% of the €30m term loan provided by main shareholder Boval (the “Boval Loan”) and the equitisation or repayment of up to 42% (€105m) of the €250m outstanding principal amount of 8.25% senior notes due
Slide 3: Fourth quarter highlights
Fourth quarter highlights Higher y-o-y Cool sales – Recovery in Russia – Sustained growth in Western Europe (ICOOL) – Service business Glass sales down y-o-y – Naira devaluation – Price adjustments – Increased volume in Nigeria glass business EBITDA margin decline – Naira devaluation – Increme
Slide 4: Sustained sales growth in Europe
Sustained sales growth in Europe 4Q Cool sales by region (in €m) Sales recovery in Russia and higher y-o-y Service business sales in East Europe +32% Sustained growth in Western 22 Europe, driven by ICOOL +3% Sales phasing in Nigeria 17 +4% 14 15 Reduced customers’ cooler 12 12 -22% investments in C
Slide 5: Higher sales to breweries in South Africa
Higher sales to breweries in South Africa 4Q Cool sales by customer group (in €m) Sales to brewery customers up y-o-y, driven by increased customer investments in South Africa Sales to Coca-Cola bottlers broadly unchanged y-o-y -1% 29 28 +10% +21% 14 15 13 11 4Q15 4Q16 4Q15 4Q16 4Q15 4Q16 Coca-Cola
Slide 6: Naira’s devaluation & weak FJA sales impacted Glass sales
Naira’s devaluation & weak FJA sales impacted Glass sales 4Q Glass Sales (in €m) -2% 27 27 -23% 10 7 4Q15 4Q16 4Q15 4Q16 Nigeria Frigoglass Operations Jebel Ali Fourth quarter 2016 results 6 27 April 2016
Slide 7: Financial review
Financial review Fourth quarter 2016 results 7 27 April 2016
Slide 8: Financial performance overview
Financial performance overview Group (in €m) 4Q16 4Q15 Change, % Sales 90.3 89.9 0.4% EBITDA 4.2 12.6 -66.7% EBITDA margin 4.6% 14.0% -9.4pp Net Profit -18.9 -41.5 n.m. Adj. Net Profit -14.1 -15.9 n.m. Group (in €m) FY16 FY15 Change, % Sales 413.2 453.9 -9.0% EBITDA 40.1 52.8 -24.0% EBITDA margin 9.
Slide 9: 4Q segmental performance overview
4Q segmental performance overview Cool Operations Cool Operations (in €m) 4Q16 4Q15 Change, % E. Europe’s sales recovery, led Sales 56.1 52.9 6.0% by Coca-Cola bottler in Russia EBITDA -2.2 0.9 n.m. EBITDA margin: EBITDA margin -3.9% 1.7% -5.5pp - Cost under-absorption - Incremental provisions Net P
Slide 10: Full-year segmental performance overview
Full-year segmental performance overview Cool Operations Cool Operations (in €m) FY16 FY15 Change, % Sales: Sales 289.9 316.6 -8.4% - Weak economic EBITDA 15.1 21.1 -28.4% conditions in Russia EBITDA margin 5.2% 6.7% -1.5pp - West Europe up on ICOOL - Service business growth Net Profit -62.8 -62.8 n
Slide 11: Underlying operating expenses down y-o-y in 4Q
Underlying operating expenses down y-o-y in 4Q Gross Profit (in €m) 95 85 Gross margin reduction in 4Q, driven by Glass business 20 17 4Q15 4Q16 FY15 FY16 21.8% 18.8% 20.8% 20.5% Gross margin, % Underlying (excl. incremental 50 provisions) Opex reduction: Operating Expenses (in €m) 48 - Efficiency m
Slide 12: Working capital improvement and tight capital spending
Working capital improvement and tight capital spending Trade Working Capital (in €m) Capex (in €m) 119 104 37 14 FY15 FY16 FY15 FY16 Fourth quarter 2016 results 12 27 April 2016
Slide 13: Business Outlook
Business Outlook Fourth quarter 2016 results 13 27 April 2016
Slide 14: Business Outlook
Business Outlook Long-term sustainable capital structure; focus on delivering 2017 priorities Cool business – Gain market share in Coca-Cola bottlers through ICOOL in Europe – Sustained Service business growth – Innovation: new product launches – Adverse impact from the discontinuation of China’s ma
Slide 15: Q&A
Q&A 15
Slide 16: Forward-looking statements
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 Forward-looking statements This presentation may contain forward-looking statements which are based on current ex