Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Q3 2013 Earnings Presentation
12 slides from Frigoglass S.a.i.c's earnings presentation, Nov 28, 2013
Slide 1: 3Q13 Financial Results Presentation
3Q13 Financial Results Presentation November 28, 2013 0 www.frigoglass.com
Slide 2: Customer investment reduction impacts 3Q top-line
Customer investment reduction impacts 3Q top-line Group sales (in €m) Group EBITDA (in €m) 120 8.0 €101m 6.3% 100 4.9% -18%1 €83m 6.0 FX: -6%2 +6%1 5.2 80 4.9 FX: -10%2 60 4.0 40 2.0 20 4.9% 6.3% 0.0 0 3Q12 3Q13 3Q12 3Q13 EBITDA margin, % Notes: 1) Year-on-year change 1 2) Impact on year-on-year cha
Slide 3: Further deterioration in emerging market economies
Further deterioration in emerging market economies Annual GDP Growth Annual GDP Growth World Output Emerging Market & Developing Economies 5.0 6.5 4.5 6.0 4.0 5.5 3.5 5.0 3.0 4.5 2.5 2.0 4.0 2011 2012 2013 2014 2011 2012 2013 2014 Oct-13 Jul-13 Oct-13 Jul-13 Source: IMF, World Economic Outlook Sourc
Slide 4: Increased volatility in EM impacts our sales in Asia & Africa
Increased volatility in EM impacts our sales in Asia & Africa Group sales (in €m) Glass sales (in €m) 2012 2013 100 2012 2013 200 179 172 159 80 150 141 60 101 100 83 40 32 33 33 26 28 23 50 20 0 0 1Q 2Q 3Q 1Q 2Q 3Q ICM Asia/Oceania & Africa/ME (in €m) ICM Europe & N. America sales (in €m) 100 2012
Slide 5: Reduced investments from Coca-Cola customers, all others slightly up
Reduced investments from Coca-Cola customers, all others slightly up ICM sales customer mix, 9M12 ICM sales customer mix, 9M13 18% 24% 55% 46% 27% 30% Coca-Cola bottlers* Breweries All Other Coca-Cola bottlers* Breweries All Other *Including Coca-Cola HBC AG 4 www.frigoglass.com
Slide 6: Lower sales slowing inventory reduction trend
Lower sales slowing inventory reduction trend Inventory (in €m) Net Debt (in €m) 250 2011 2012 2013 350 2011 2012 2013 314 292 297 300 200 192 271 180 179 257 176 244 241 250 156 - 32% - 24% 223 145 150 134 200 121 150 100 100 50 50 0 0 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 5 www.frigoglass.com
Slide 7: Cool EBITDA impacted by low utilisation and dilutive operations in 3Q
Cool EBITDA impacted by low utilisation and dilutive operations in 3Q Cool sales (in €m) Cool EBITDA (in €m) 80 3Q12 3Q13 67 -19%1 60 55 40 -1.8 20 +41%1 -3.1 0 3Q12 3Q13 6 Notes: 1) Year-on-year change www.frigoglass.com
Slide 8: Right-sizing Cooler global production footprint
Right-sizing Cooler global production footprint 7 www.frigoglass.com
Slide 9: Sales declined after strong H1, but margin expansion trend sustained
Sales declined after strong H1, but margin expansion trend sustained Glass sales (in €m) Glass EBITDA (in €m) 40 10.0 24% 33 25% 8 -12%1 8.0 30 -16%1 28 7 6.0 20 4.0 10 2.0 0.0 0 3Q12 3Q13 3Q12 3Q13 EBITDA margin, % 8 Notes: 1) Year-on-year change www.frigoglass.com
Slide 10: Strategic Priority Projects for margin improvements & CF generation
Strategic Priority Projects for margin improvements & CF generation 1 Inventory to Cash 2 Product Cost Optimization 3 Lean Operations & Operational Excellence 4 Turnaround of recently entered markets 9 www.frigoglass.com
Slide 11: Business Outlook
Business Outlook Short-term outlook Overall volatile market conditions Sustained low customers’ investments impacting Q4 top-line Long-term growth fundamentals Rising cooler penetration in emerging markets Replacement of existing cooler base by low energy next generation coolers Rising
Slide 12: Disclaimer
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 Disclaimer This presentation contains forward-looking statements which are based on current expectations and assu