Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — FY2008 Earnings Presentation
30 slides from Frigoglass S.a.i.c's earnings presentation, 2009
Slide 1: Financial Results F.Y. 2008
Financial Results F.Y. 2008 Investor Presentation
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: Agenda
Agenda Company Overview Operational Overview O er ie Coo Cool Ope at o s Operations Nigeria Operations Financial Overview Strategic Platform for Growth 3
Slide 4: Our core businesses
Company overview Our core businesses Ice-cold merchandising / Cool Operations Glass/ Nigeria Operations Global Presence: ICM’s support beverage companies' sales by Regional/Africa: Manufacture of glass creating cold drink availability and stimulating consumer purchases. containers for beverage, phar
Slide 5: Key Customer Segments
Key y Customer Segments g Customer Groups (2008) Trade Channels Immediate Consumption p HORECA* Bars Kiosks Bakeries Gas Stations *Hotel, Restaurant, Coffee Shops Trade Channel: Kiosk Trade Channel: Bar 5
Slide 6: Our History
Our History y 1982 1996 1999 2001 2007 2008 Today Acquisition Inception of of Norcool; Acquisition the Greenfield Frigoglass Frigoglass g g Acquisition of SFA in industrial plant at Global ICM formed as a listed on the off Husky H k in i T k Turkey division of Guangzhou leader spin-off Athens S. Afr
Slide 7: Agenda
Agenda Company Overview Operational Overview O er ie Coo Cool Ope at o s Operations Nigeria Operations Financial Overview Strategic Platform for Growth 7
Slide 8: Frigoglass Historical Performance
Frigoglass Historical Performance *Reported p Comparable Reported *2008 Comparable p results exclude the one-off restructuring g charges g 8
Slide 9: 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 10: Reconciliation of Reported to Comparable Financial Results 2008
Reconciliation of Reported to Comparable p 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 1,5 I t Interest t from f share h
Slide 11: Contribution per Operation
Contribution per Operation 11
Slide 12: 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 13: 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 14: Agenda
Agenda Company Overview Operational Overview O er ie Coo Cool Ope at o s Operations Nigeria Operations Financial Overview Strategic Platform for Growth 14
Slide 15: Frigoglass Market Share by Region
Frigoglass Market Share by Region •There is an attractive long-term potential in our markets Western Europe Eastern Europe Asia Pacific Africa/Middle East Western Europe Eastern Europe Asia Pacific/Turkey Africa/Middle East ICM market €335million. ICM market €438million. ICM market €347million. ICM
Slide 16: Cool Operations Review Full Year 2008
Cool Operations 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. Easter
Slide 17: 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% 17
Slide 18: 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% 18
Slide 19: 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 20: Agenda
Agenda Company Overview Operational Overview O er ie Coo Cool Ope at o s Operations Nigeria Operations Financial Overview Strategic Platform for Growth 20
Slide 21: 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 22: 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 23: Agenda
Agenda Company Overview Operational Overview O er ie Coo Cool Ope at o s Operations Nigeria Operations Financial Overview Strategic Platform for Growth 23
Slide 24: 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 25: Reported Cash Flow
Reported p 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
Slide 26: Key Performance Indicators
Key Performance Indicators 26
Slide 27: Agenda
Agenda Company Overview Operational Overview O er ie Coo Cool Ope at o s Operations Nigeria Operations Financial Overview Strategic Platform for Growth 27
Slide 28: 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 C to ffocus on the development off new products Nigeria operations is expected to continue its positive momentum
Slide 29: 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 30: 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