Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — FY2008 Earnings Presentation
25 slides from Frigoglass S.a.i.c's earnings presentation, Mar 19, 2009
Slide 1: Financial Results F.Y. 2008 Conference Call Presentation
Financial Results F.Y. 2008 Conference Call Presentation 19 March 2009
Slide 2: Safe Harbour Statement
Safe Harbour Statement During this presentation management may discuss certain forward- looking statements concerning FRIGOGLASS’ FRIGOGLASS future performance that should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations andd
Slide 3: Conference Call Agenda
Conference Call Agenda g 9Lillian Phillips, IR-Corporate Communications Manager: Opening Statement 9Petros Diamantides, Managing Director: Full Year 2008 Operational Overview 9Panos Tabourlos, CFO: Full Year 2008 Financial Performance 9Petros Diamantides, Managing Director: Driving Sustainable Growt
Slide 4: Operational Overview
Business Analysis 2008 Operational Ope at o a Overview O e e 4
Slide 5: Frigoglass Historic Performance
Frigoglass Historic Performance *Reported p Comparable Reported *2008 Comparable p results exclude the one-off restructuring g charges g 5
Slide 6: Financial Highlights Full Year 2008
Financial Highlights Full Year 2008 (in million €) Reported1 Y-o-Y% Y o Y% Underlying2 Y-o-Y% Y o Y% Sales 487 8 487,8 7 6% 7,6% 437 4 437,4 -3 3,5% 5% ΕΒΙΤ 47,3 -33,6% 50,9 -28,6% Comparable3 64,8 -9,0% 66,4 -6,9% Net Profit f 19,5 -57,2% % 23,7 -48,0% % Comparable3 37,0 -18,7% 39,8 -12,5% Note 1:
Slide 7: Reconciliation of Reported to Comparable Financial Results
Reconciliation of Reported to Comparable p Financial Results Consolidated Financial Results 2008 (in million €) EBIT Net Profit Reported Results 47,3 19,5 Greece Restructuring 10 1 10,1 76 7,6 Norway Restructuring 1,9 1,9 Poland Restructuring 3,6 2,9 China/Headoffice 2,0 1,7 SFA Restructuring 2,0 1,
Slide 8: Contribution per Operation
Contribution per Operation 8
Slide 9: Full Year 2008 Highlights
Full Year 2008 Highlights Acquisition in Turkey (SFA) expanded Cool geographical footprint, customer base and product range with revenue of €50.4 €50 4 million Top line growth of 7.6% to €487.8 million with underlying Sales declined 3.5% to €437.4 million, cycling previous year’s growth of 13.1%
Slide 10: Trading Conditions
Trading Conditions Volume decline by 2.3% and underlying Revenue down by 7.7%. This mix alteration is ascribed to the higher contribution contrib tion of the emerging regions of Africa and Asia. Asia No top-ups in sales during the second half Input costs remained high during the year. Optimi
Slide 11: Cool Operations
Cool Operations 11
Slide 12: Cool Operations Business Review Full Year 2008
Cool Operations Business Review Full Year 2008 Cool underlying Revenue down by 7.7% to €361.7 million due to negative product mix (volume down by 2.3%), customer specific slowdown in certain markets like Russia (breweries) and Germany (Coca- Cola Bottlers) and lower top-ups during the second half.
Slide 13: Revenue by Customer
Revenue by Customer (Consolidated) Y-o-Y% Growth: CCH (4.8%) CC Bottlers (9.6%) Breweries 1 0% 1.0% All Others 86.9% 13
Slide 14: Revenue by Geography
Revenue by Geography (Consolidated) Y-o-Y% Growth: Eastern Europe (7.2%) Western Europe (8.6%) Africa/Middle East 54 4% 54.4% Asia/Oceania 89.6% 14
Slide 15: Cool Operations P&L (Reported and Underlying)
Cool Operations P&L (Reported and Underlying) 2008 2008 (in million €) 2007 Y-o-Y % Y-o-Y % Reported Underlying Sales 391,9 412,0 5,1% 361,7 -7,7% EBIT 63,7 32,2 -49,5% 35,7 -43,9% Comparable 1 51,8 -18,7% 53,3 -16,3% Net Profit 42,5 12,3 -71,2% 16,5 -61,3% Comparable p 2 30,4 , -28,5% , 33,2 , -21.
Slide 16: Nigeria Operations
Nigeria Operations 16
Slide 17: Nigeria Operations Review Full Year 2008
Nigeria Operations Review Full Year 2008 Nigeria Operations achieved Sales growth of 21.2% in Euro terms for the full year, equating to €71.0 million (22.5% in a l local l currency basis), b i ) driven di b continued by ti d momentum t i Glass in Gl Sales growth for Nigeria Operations was derive
Slide 18: Nigeria Operations P&L
Nigeria Operations P&L (in million €) 2007 2008 Y o Y% Y-o-Y% Sales 58,6 71,0 21,2% EBIT 7,0 14,4 106,7% Comparable1 12,3 75,7% Net Profit 2,5 6,5 159,3% Comparable2 5,8 132,0% EBITDA 15,3 23,0 50,8% Comparable3 20 9 20,9 36 6% 36,6% Notes 1, 2 and 3: Comparable EBIT and EBITDA exclude €2.1million g
Slide 19: Financial Overview
Financial Overview Results for the Full Year ended d d 31 D December b 2008 (IFRS) 19
Slide 20: P&L Highlights (Reported and Underlying Comparable)
P&L Highlights (Reported and Underlying Comparable) 2008 2008 (in million €) 2007 Y-o-Y % Y-o-Y % Reported Underlying Net Sales Revenue 453.4 487.8 7.6% 437.4 (3.5%) Gross Profit 124.3 114.9 (7.6%) 115.8 (6.9%) Operating Expenses 54.3 58.5 7.6% 55.3 1.8% Operating Profit (EBIT) 71.3 47.3 (33.6%) 50.
Slide 21: Reported Cash Flow
Reported Cash Flow (in ‘000 €) 2007 2008 Cash Generated 90.964 71.201 Working Capital Movement -33.952 -39.415 Net Cash Flow from Operations p 57.012 31.786 Capex -53.293 -38.259 Free Cash Flow 3.719 -6.473 Increase in Bank Loans 11.634 122.251 Share Capital Return 0 -36.181 Dividends paid -12.822 1
Slide 22: Strong Balance Sheet
Strong Balance Sheet Liquidity to Meet Financing Needs Net Debt/EBITDA: 2.1x Net Gearing: 136% Capital Return and Special Dividend:€60m SFA’s Acquisition Consolidated Avg Working Capital/Net Sales: 34.7% Inventories: €108.7m +31.8% Trade Debtors: €108.0m €108 0m +24 8% +24.8% Trade Creditors: €4
Slide 23: Business Outlook for 2009
Business Outlook for 2009 Earnings guidance in the current environment is not considered to be meaningful Emerging markets of Asia and Africa are expected to drive growth Continued to focus on the development of new products Nigeria operations is expected to continue its positive momentum I
Slide 24: Driving Sustainable Growth
Driving Sustainable Growth Leverage geographic portfolio. Capitalize on the high growth potential of our position in the emerging markets. Creating optimum platform for future growth o Cost optimization:- Manufacturing network - Production overheads - Operating expenses o Working Capital and Tax P
Slide 25: Thank you
Thank you For further information on Frigoglass please visit out site at: www.frigoglass.com or contact our Investor Relations Department: Lillian Phillips, IR Manager lphillips@frigoglass.com Polina Atmatsiadi, IR Analyst patmatsiadi@frigoglass.com (+) 30.210.61.65.700