Frigoglass S.a.i.c. · ATHEX:FRIGO

Frigoglass S.a.i.c — Frigoglass — FY2014 Earnings Presentation

18 slides from Frigoglass S.a.i.c's earnings presentation, Mar 12, 2015

  1. Slide 1: Fourth quarter & full year 2014 results

    Fourth quarter & full year 2014 results Torsten Tuerling │Chief Executive Officer Nikos Mamoulis │Chief Financial Officer March 12, 2015

  2. Slide 2: Key messages for the fourth quarter

    Key messages for the fourth quarter  EBITDA up 85%; +730bps to 16.1% – Strong Glass performance – Cool manufacturing consolidation benefits  Glass sales up 34% – Jebel Ali +165% – Nigeria +15%  Cool sales down 10% – Russia contraction – US sales discontinuation  Strong execution on inventory red

  3. Slide 3: Glass performance accelerates

    Glass performance accelerates Quarterly sales by operation (in €m) +34% 41 +8% +32% +3% 37 36 32 33 33 31 28 1Q13 1Q14 2Q13 2Q14 3Q13 3Q14 4Q13 4Q14 Jebel Ali Nigeria Fourth quarter & full year 2014 results 3 March 12, 2015

  4. Slide 4: Nigeria Glass 2014 New Product Launches

    Nigeria Glass 2014 New Product Launches Fourth quarter & full year 2014 results 4 March 12, 2015

  5. Slide 5: Developments in Russia & US impacts Cool sales

    Developments in Russia & US impacts Cool sales 4Q sales by region (in €m) Full-Year 2013 2014 Chng, % Sales €398m €340m -15% -26% 43 32 +13% 25 22 -7% +31% 13 14 13 10 -55% 7 3 4Q13 4Q14 4Q13 4Q14 4Q13 4Q14 4Q13 4Q14 4Q13 4Q14 E. Europe W. Europe N. America Asia Africa Fourth quarter & full year 201

  6. Slide 6: Financial review

    Financial review Fourth quarter & full year 2014 results 6 March 12, 2015

  7. Slide 7: Financial performance overview

    Financial performance overview 4Q14 4Q13 Change, % FY14 FY13 Change, % Group Sales 127.5 126.8 0.5% 487.0 522.5 -6.8% EBITDA 20.5 11.1 84.9% 63.0 63.9 -1.5% EBITDA Margin, % 16.1% 8.7% 7.4pp 12.9% 12.2% 0.7pp Adj. Net Profit -6.2 -15.4 n.m. -20.4 -13.8 n.m. Cool Operations Sales 86.4 96.2 -10.2% 339

  8. Slide 8: Opex slightly up in Q4; flat for the full-year

    Opex slightly up in Q4; flat for the full-year 4Q14 4Q13 Change, % Sales (€ m) 127.5 126.8 0.5% Gross Profit 29.9 24.0 24.6% Gross Profit Margin, % 23.5% 18.9% 4.6pp OPEX 14.0 13.5 4.0% OPEX as % of sales 11.0% 10.6% 0.4pp FY14 FY13 Change, % Sales (€ m) 487.0 522.5 -6.8% Gross Profit 109.3 114.5 -4

  9. Slide 9: Inventory driven working capital improvement

    Inventory driven working capital improvement Inventory (in €m) Working Capital (in €m) 140 118 125 99 FY13 FY14 FY13 FY14 Capex (in €m) Free Cash Flow* (in €m) 29 25 23 16 FY13 FY14 FY13 FY14 *FCF before interest paid Fourth quarter & full year 2014 results 9 March 12, 2015

  10. Slide 10: Gross debt structure

    Gross debt structure Net Debt (in €m) Gross Debt (in €m) 350 303 300 13 RCFs 45 ST Loans 250 235 234 15% 4% 200 150 245 Bond 81% 100 50 0 FY13 FY14 FY14 Fourth quarter & full year 2014 results 10 March 12, 2015

  11. Slide 11: Strategic priorities projects

    Strategic priorities projects Fourth quarter & full year 2014 results 11 March 12, 2015

  12. Slide 12: Innovation leadership through ICOOL by Frigoglass

    Innovation leadership through ICOOL by Frigoglass  Appealing look & product visibility  Strong brand identity across range  Energy reduction from -18 to -57%  Low noise Transformational ILOOK  Maintenance free & easily serviceable  Connected & interactive  Sustainability leadership Fourth qua

  13. Slide 13: Frigoglass Excellence Systems

    Frigoglass Excellence Systems Quality metric – PRI1 Customer complaints – PPM2 2011 2012 2013 2014 2011 2012 2013 2014 LEAN Operational Excellence Inventory level 180 145 118 99 2011 2012 2013 2014 Fourth quarter & full year 2014 results 1 Release Product Index 13 March 12, 2015 2 Parts per million

  14. Slide 14: Addressing low performing entities

    Addressing low performing entities US – Stop losses China – Turnaround to profitability - Focus on profitable niche products - FY14 sales up 44% - Discontinue US manufacturing - Cost reduction - €5 million p.a. savings Turkey – Plant consolidation Jebel Ali – Capacity utilization - Integration into

  15. Slide 15: Business Outlook

    Business Outlook Fourth quarter & full year 2014 results 15 March 12, 2015

  16. Slide 16: Return to growth in Cool business

    Return to growth in Cool business  ICOOL – market share gains  Return to growth in Africa  Restoring full capacity in India plant  Cautious on Russia & Ukraine  Integrated service concept in Europe Fourth quarter & full year 2014 results 16 March 12, 2015

  17. Slide 17: Next step of long-term growth of Glass business

    Next step of long-term growth of Glass business  Nigeria furnace rebuild – capacity “I look at Africa as a tremendous engine of growth increase for Diageo overall.” DIAGEO CEO, Ivan Menezes  Crowns growth “The investment which we make on the Africa continent is absolutely key to our global growth”

  18. Slide 18: For further information on Frigoglass, please visit our website

    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

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