Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — FY2012 Earnings Presentation
18 slides from Frigoglass S.a.i.c's earnings presentation, Mar 12, 2013
Slide 1: 4Q & FY 2012 Earnings Call Presentation
4Q & FY 2012 Earnings Call Presentation March 12, 2013
Slide 2: Results Highlights
Results Highlights • Sales growth despite challenging conditions in Europe o FY 2012: +4.7% o 4Q 2012: +22% • Strong free cash flow generation o FY 2012: €30m o 4Q 2012: €77m • Dilutive factors on profitability • Strategic priority projects launched in 4Q 2
Slide 3: FY 2012 Financial Highlights
FY 2012 Financial Highlights • Sales of €581m, up 5% • Strong performance in Asia & Africa • EBITDA of €68m, down 17% • Break-even at bottom line, on an adj. for provisions basis • Solid free cash flow generation 3
Slide 4: Globally Diversified - Growth Opportunity
Globally Diversified - Growth Opportunity Increased contribution from high growth markets WESTERN EUROPE EASTERN EUROPE NORTH AMERICA ASIA & OCEANIA AFRICA & ME 13% 27% 3% 20% 37% OF TOTAL SALES OF TOTAL SALES OF TOTAL SALES OF TOTAL SALES OF TOTAL SALES €76m (-25%) €155m (-5%) €19m (+36%) €115m (+2
Slide 5: 4Q 2012 Financial Highlights
4Q 2012 Financial Highlights • Double digit sales growth despite sustained weakness in W. Europe • Strongest ever 4Q sales performance • Adj. net losses of €6m • Strong free cash flow led to reduction in net debt 5
Slide 6: 4Q 2012 Cool Operations
4Q 2012 Cool Operations • Sales up 18% o Strong demand in East Europe o Continued momentum in Asia/Oceania o Sustained high levels in Africa • EBITDA down 63% o Discounted sales to reduce inventories o Low capacity utilisation rate in European plants o 185bps margin dilution from China & the US o In
Slide 7: 4Q 2012 Glass Operations
4Q 2012 Glass Operations • Sales up 34% o Continuing to recover after weak 1H o Strong Nigerian Ops on increased domestic orders & exports o New customer/markets and enhanced offering in Jebel Ali • EBITDA up 20% o Discounted sales to reduce inventories o c.10pp margin dilution from Jebel Ali o Stro
Slide 8: Strategic Partner of Global Beverage Brands
Strategic Partner of Global Beverage Brands Megatrends • Global Beverage Brands expansion in emerging and developing markets o Modernization of the retail landscape & consumption patterns • Ambitious sustainability targets o Reduce carbon footprint o Reduce energy costs Opportunity: Long-term profit
Slide 9: Operating structure
Operating structure • More dynamic and efficient structure o Better focus of market needs o Accelerate decision making o Drive operational excellence • Business Units focus areas o BU Europe & North America o Deliver efficiency & innovation o BU Asia & Africa/Middle East o Drive revenue & market sha
Slide 10: Strategic Priority Projects
Strategic Priority Projects Inventory reduction • Value creation of strategic investments o Jebel Ali o US o China o Optimization of European footprint 2012 2013 2014 • Focus on cash flow generation # SKUs SKUs increase since 2008 300 282 250 • Drive operational excellence & 200 customer value 150 1
Slide 11: Summary
Summary • Continued long-term growth • Dilutive factors on profitability • Strategic priority projects to strengthen robustness of business model & enhance profitability • Significant cash flow improvement targeted by 2014 11
Slide 12: Appendix
Appendix
Slide 13: 4Q 2012 Consolidated Income Statement
4Q 2012 Consolidated Income Statement €m 4Q 2012 4Q 2011 Change, % Sales 142,356 116,647 22.0% Gross Profit 19,808 22,920 -13.6% Opex -18,998 -14,905 27.5% Other Income, net 1,670 937 78.2% EBIT 2,480 8,952 -72.3% Restructuring costs -15,003 Financials, net -5,727 -4,066 40.9% Tax -2,525 -2,847 -11.
Slide 14: FY 2012 Consolidated Income Statement
FY 2012 Consolidated Income Statement €m FY 2012 FY 2011 Change, % Sales 581,250 555,513 4.7% Gross Profit 99,902 113,547 -12.0% Opex -68,269 -63,397 7.7% Other Income, net 2,397 3,020 -20.6% EBIT 34,030 53,170 -36.0% Restructuring costs -15,003 Financials, net -25,056 -18,153 38.0% Tax -7,830 -10,3
Slide 15: FY 2012 Free Cash Flow
FY 2012 Free Cash Flow €m 2012 2011 Change, Abs Pre-tax profit -6,029 35,017 -41,046 Depreciation 33,770 28,392 5,378 Finance costs, net 25,057 18,153 6,904 Other non-cash 4,659 546 4,113 ∆ Trade working capital 39,910 -35,399 75,309 ∆ Other working capital 7,726 -26,509 34,235 Paid Taxes -10,137 -1
Slide 16: Delivered Net Debt Reduction
Delivered Net Debt Reduction 244 68 223 37 41 2 29 Net Debt FY11 EBITDA Non Cash Items Operating Net Capex Interest, Tax, Net Debt FY 12 Working Capital Dividends 16
Slide 17: Reconciliation of Reported to Adjusted Results
Reconciliation of Reported to Adjusted Results Financial Results 4Q12 FY12 € 000’s, unless otherwise indicated EBITDA EBIT Net Profit EPS1 EBITDA EBIT Net Profit EPS1 Reported 11,429 2,480 -21,003 -0.43 67,801 34,030 -14,964 -0.31 Restructuring Costs, o/w 15,003 0.31 15,003 0.31 Cool Operations 10,7
Slide 18: Further information and contact details
Further information and contact details 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 Disclaimer This presentation contains fo