Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — FY2011 Earnings Presentation
22 slides from Frigoglass S.a.i.c's earnings presentation, 2012
Slide 1: Fourth Quarter and Full Year 2011 Financial Results
www.frigoglass.com Investor Presentation Fourth Quarter and Full Year 2011 Financial Results
Slide 2: What we do
www.frigoglass.com 2 Investor Presentation What we do Ice-Cold Merchandisers FY11 Sales: €451.7 million (81% of total sales) Glass Operations FY11 Sales: €103.5 million (19% of total sales)
Slide 3: Global presence
www.frigoglass.com 3 Investor Presentation Global presence
Slide 4: Our History and Our investment proposition
www.frigoglass.com 4 Investor Presentation Our History 1996 1999 2001 2007 Frigoglass is established Acquisition of Norcool; Acquisition of Husky in Greenfield plant at Frigoglass listed on the South Africa Guangzhou, China Athens Stock Exchange 2008 2009 2011 Acquisition of SFA in Acquisition of Un
Slide 5: ICM Key Industry Features
www.frigoglass.com 5 Investor Presentation ICM Key Industry Features Market Immediate Geographical Environment Tailwinds Consumption Diversification • Population increase • Most profitable channel for • GDP growth • Expanded global beverage companies footprint, accommodating • Key industry priority
Slide 6: Highlights
www.frigoglass.com 6 Investor Presentation 2011 Highlights • Maintaining leading global position in the ICM market. • Full year sales growth of 21.4%, building on a strong 31.9% growth of the prior year. • Continued recovery in Europe and strong performance in Africa and North America. • 23 new prod
Slide 7: 4Q11 Highlights
www.frigoglass.com 7 Investor Presentation 4Q11 Highlights • Sales increased by 5.5% to €116.7 million. • Sales within Cool Operations declined by 1.2% to €87 million, cycling tough comparatives in 4Q10. • Sales in Eastern Europe declined in double digits, cycling 103% growth in the previous quarter
Slide 8: Full Year & Fourth Quarter P&L Highlights
www.frigoglass.com 8 Investor Presentation Full Year & Fourth Quarter P&L Highlights (in €m) FY11 FY10 Y-o-Y % 4Q11 4Q10 Y-o-Y % Sales 555.2 457.2 21.4% 116.6 110.6 5.5% COGS 441.7 350.4 26.0% 93.7 85.1 10.1% Gross Profit 113.5 106.8 6.3% 22.9 25.5 -10.1% Operating Expenses 63.4 59.9 5.9% 14.9 17.6
Slide 9: Balance Sheet
www.frigoglass.com 9 Investor Presentation Balance Sheet (in €m) FY11 FY10 Fixed Assets 261.9 208.9 Deferred Tax & Other LT Assets 14.7 13.3 Total Non-Current Assets 276.5 222.2 Inventories 180.0 135.9 Trade & Other Receivables 145.3 122.6 Cash & Cash Equivalents 88.1 80.0 Total Current Assets 413.4
Slide 10: Cash Flow
www.frigoglass.com 10 Investor Presentation Cash Flow (in €m) FY11 FY10 Cash Generated 82.1 77.0 Change in Working Capital -75.6 -36.0 Net Cash Flow from Operations 6.5 41.0 Net Cash Flow from Investment Activities -46.0 -28.6 Free Cash Flow -39.5 12.4 Increase in Bank Loans 54.8 42.0 Interest Paid
Slide 11: Cool Operations
www.frigoglass.com Investor Presentation Cool Operations
Slide 12: Cool Operations (Ice-cold merchandisers)
www.frigoglass.com 12 Investor Presentation Cool Operations (Ice-cold merchandisers) ICMs facilitate beverage companies Immediate Consumption sales across different trade channels
Slide 13: Cool Operations │Full Year 2011 Highlights
www.frigoglass.com 13 Investor Presentation Cool Operations │Full Year 2011 Highlights • Sales increased by 20.4% to €451.7 million, cycling 37% growth in 2010, primarily reflecting strong growth in Europe. • Sales in Eastern Europe grew 24.2% to €163.2 million, driven by strong performances in Russ
Slide 14: Cool Operations │Revenue Breakdown
www.frigoglass.com 14 Investor Presentation Cool Operations │Revenue Breakdown Revenue by Geography Revenue by Customer Group (in €m) FY11 FY10 Y-o-Y % (in €m) FY11 FY10 Y-o-Y % Eastern Europe 163.2 131.4 24.2% Coca-Cola Hellenic 113.1 62.6 80.8% Western Europe 100.6 72.3 39.2% Coca-Cola Bottlers 13
Slide 15: Cool Operations │Full Year & Fourth Quarter 2011 P&L Highlights
www.frigoglass.com 15 Investor Presentation Cool Operations │Full Year & Fourth Quarter 2011 P&L Highlights (in €m) FY11 FY10 Y-o-Y % 4Q11 4Q10 Y-o-Y % Sales 451.7 375.2 20.4% 87.0 88.1 -1.2% EBIT 36.8 33.6 9.3% 6.0 4.8 26.0% Net Profit 13.1 13.1 0.0% -0.6 0.2 n.m. EBITDA 53.5 48.9 9.3% 10.1 8.4 19.
Slide 16: Recent Developments
www.frigoglass.com 16 Investor Presentation Recent Developments Updated Sustainability Strategy Environmental Quality & Environmental Customer Supplier impacts of safety of impacts of Workplace Community Engagement Engagement products products operations Awards Frigoglass won the “Gold Award for Bes
Slide 17: Glass Operations
www.frigoglass.com Investor Presentation Glass Operations
Slide 18: Glass Operations
www.frigoglass.com 18 Investor Presentation Glass Operations Frigoglass is one of the leading glass container manufacturers in West Africa and Middle East. The production of Metal Crowns and Plastic Crates offers a complete packaging solution.
Slide 19: Glass Operations │Full Year 2011 P&L Highlights
www.frigoglass.com 19 Investor Presentation Glass Operations │Full Year 2011 P&L Highlights Revenue Mix by Operations • Sales increased by 26.3% to €103.5 million, with Frigoglass 2011 Jebel Ali accounting for €15.1 million for the seven months consolidation. Glass (ex-FJA) • Sales relating to Glass
Slide 20: Outlook
www.frigoglass.com 20 Investor Presentation 2012 Outlook • Expect to maintain our positive momentum in Africa and deliver a strong performance in Asia. • Anticipate North America to remain strong, leveraging on the benefit of last year’s new product launches. • Cautious on the outlook in Europe on m
Slide 21: Our Strategy
www.frigoglass.com 21 Investor Presentation Our Strategy Sustainability Creating Sustain selective ICM geographic integration in optimum Innovation growth of Glass expansion corporate platform for Operations strategy future growth Development of new bespoke products that drive customers’ Sales and P
Slide 22: Thank You
www.frigoglass.com 22 Investor Presentation Thank You 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 presentati