Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Non-Deal Roadshow (September 2013)
30 slides from Frigoglass S.a.i.c's roadshow presentation, Sep 5, 2013
Slide 1: Investor Presentation: 8th Annual Greek Roadshow
Investor Presentation 8th Annual Greek Roadshow London, 5 & 6 September 2013 0 www.frigoglass.com
Slide 2: Introduction to Frigoglass
Introduction to Frigoglass 1 www.frigoglass.com
Slide 3: What We Do… Strategic Partner of Global Beverage Brands
What We Do… Strategic Partner of Global Beverage Brands Global Leader in Ice-Cold Merchandisers (ICM) Market Largest Glass Container Supplier in West Africa 79% of FY12 Group Revenues 21% of FY12 Group Revenues 59% of FY12 Group EBITDA 41% of FY12 Group EBITDA Growing Through Long Standing Relations
Slide 4: Customized and Diversified ICM Product Offering
Customized and Diversified ICM Product Offering Serving Different Channels Throughout the Retail Development Cycle Over 6,300,000 ICMs sold in the last 15 years We have provided >30% of the system’s needs worldwide(1) Note: (1) Since 1997. 3 www.frigoglass.com
Slide 5: Diversified Glass Packaging Solutions
Diversified Glass Packaging Solutions Glass business benefits from strong ties with global beverage brands Leading supplier of glass containers in West Africa with established presence in Middle East – #1 in West Africa with 65% market share Providing cross-selling opportunities with other Fri
Slide 6: A Uniquely Positioned Global Leader
A Uniquely Positioned Global Leader Well Established in the Mature European Market, Frigoglass is Evolving Into an Emerging Market champion FY12 Sales Share by Geography of Customer FY12 Sales by Business Unit Total sales: €581m Total Sales: €581m North Western America Europe 3% Glass 21% 13% ICM Eu
Slide 7: A Successful Growth Story
A Successful Growth Story Revenues (€m)1 700 Initially part of the industrial division of 600 Coca-Cola 555 581 Hellenic Bottling Company 501 500 Other (“CCH”), 461 457 Frigoglass formed as a spin off in 406 400 late 1996 347 Breweries 304 Revenue derived 300 from CCH down 256 to c.24% implying 209
Slide 8: Long Standing Relationships with Global Beverage Brands
Long Standing Relationships with Global Beverage Brands Length of FY12 Revenue Breakdown by Length of CCH & CC Other Breweries Relationship Customer Group Relationship Since Spin- off 7-10 Years Other 21% Coca-Cola Hellenic 24% 5 Years B.I.G. Other Breweries Coca-Cola 27% >10 Years 28% Length of Oth
Slide 9: Innovation Leadership
Innovation Leadership Continuous Energy HFC-free Energy Reduction and Improved HFC-free Full recyclability consumption insulation Performance refrigerants of units reduction processes Lower Unit Life-time Cost Reduce Carbon Footprint and Increase Sustainability 5 Global Innovation & Development Cent
Slide 10: Leading Market Position Where We Operate
Leading Market Position Where We Operate Global Geographic Footprint with Leading Positioning in High Growth Markets #1 W.Europe #1 >30% Market Share E.Europe >60% Market Share #2 North MENA1 America #1 Africa M.East >60% Asia and Oceania Market Share Africa North America Production Plant: South #1
Slide 11: Industry Overview
Industry Overview 10 www.frigoglass.com
Slide 12: Industry Megatrends
Industry Megatrends Growing middle class and increasing disposable income in Africa and 1 Asia will drive beverage consumption Modernization of retail landscape and consumption patterns 2 in emerging markets Global Beverage Brands are 1 Expanding in Emerging and Developing Markets 3 Heavy investment
Slide 13: Per Capita Consumption
Modernisation of the Retail Landscape and Consumption Patterns Positive Correlation Between GDP/Capita Growth and Beverage Consumption Supports Consumption Growth Outlook in EMs Emerging Developed Western Northern Europe America Eastern Per Capita Consumption Europe Asia Africa 10K 20K GDP/Capita ($
Slide 14: Climate Change and Green Sustainability are Key Long-Term Drivers
Climate Change and Green Sustainability are Key Long-Term Drivers Carbon Footprint Contributors for Coca-Cola Enterprises (1) Beverage companies targeting low carbon intensity merchandising solutions Retailers seeking lower operational costs through energy requirements reduction 68.5% Sales and
Slide 15: Glass is the Preferred Packaging Solution in EMs
Glass is the Preferred Packaging Solution in EMs Glass Market is a Regional Market Due to High Costs to Ship Empty Glass Containers Driven by Region Specific Nigerian Beer Market: Strong Volume Development Dynamics (Million Hectolitres) 33 Glass is the preferred packaging solution in EMs 19 18 1
Slide 16: Strategy & Financial Overview
Strategy & Financial Overview 15 www.frigoglass.com
Slide 17: Historical Financial Performance
Historical Financial Performance Net Sales EBITDA €m €m 700 100 +5% -17% €91 90 €86 600 €581 €82 €555 €80 €15 80 €74 €501 €122 Glass €12 €104 €23 500 €466 70 €68 €457 €28 €71 €411 €59 €25 €82 60 400 €53 Glass €50 €347 €28 50 300 €73 €22 40 €75 €459 ICM €69 €430 €452 €62 200 €407 30 ICM €361 €375 €53
Slide 18: Corporate Strategy
Corporate Strategy 1 Grow with our global beverage clients: innovation & global market penetration Approximately €25m 2 Improve working capital: inventory reduction initiatives by end of 2014(1) Cost savings initiatives Approximately annual €20- • Product cost optimization 3 • Production process opt
Slide 19: Turnaround of Recently Entered Markets
Turnaround of Recently Entered Markets Implementation of Turnaround Plans for the Recently Entered Markets and acquisitions expected to be fully integrated and thereby realize cost savings and other synergies Reasons for Underperformance: Insufficient integration of strategic acquisitions 1. Unreali
Slide 20: Most Recent Results: 2Q13 Highlights
Most Recent Results: 2Q13 Highlights Group ICM Operations Glass Operations All figures in €m 2Q13 YoY 1H13 YoY All figures in €m 2Q13 YoY 1H13 YoY All figures in €m 2Q13 YoY 1H13 YoY Sales 172 -4% 313 -8% Sales 139 -11% 248 -14% Sales 33 43% 65 32% EBITDA 27 1% 48 -8% EBITDA 19 -12% 31 -21% EBITDA 8
Slide 21: Inventory level reduction drives net debt lower in 2Q
Inventory level reduction drives net debt lower in 2Q Inventories (in €m) Net Debt (in €m) 200 300 €292m - €35m €179m €176m €257m €156m 250 160 €145m €121m 200 120 150 80 100 40 50 0 0 2Q12 3Q12 4Q12 1Q13 2Q13 1Q13 2Q13 Net Debt / LTM 4.6x 4.0x EBITDA (FY12@3.3x) 20 www.frigoglass.com
Slide 22: Successful refinancing extends debt maturing profile
Successful refinancing extends debt maturing profile Successful launch of a 5-yr €250m bond in May Solid credit ratings for Frigoglass and the Notes, with S&P and Moody’s placing a BB- / B1 rating Strong oversubscription, attracting demand from both International and Greek investors Two bila
Slide 23: 2H13 and FY13 outlook update
2H13 and FY13 outlook update Expect 2H13 Group sales modestly above last year’s level Europe to remain recessionary and Asia and Africa to continue to be volatile; overall Cool sales higher than 2H12 levels Glass business to continue growing in 2H13, albeit at a slower rate than 1H13 Jebel A
Slide 24: Frigoglass Investment Highlights
Frigoglass Investment Highlights 1 Global Market Leader Providing A Broad Range Of Highly Customised Solutions For The Beverage Industry 2 Product, Geographic And End-market Diversification 3 Strong And Long-standing Relationships With An Attractive Client Base 4 Proven Track Record Of Innovation, T
Slide 25: Appendix
Appendix 24 www.frigoglass.com
Slide 26: Shareholding
Shareholding Shareholder Composition (1) Truad Verwaltungs A.G. (“Truad”) Truad is the primary trust for the Leventis family members Truad Other Investors Verwaltungs AG 15% 44% All shares in Frigoglass have equal voting rights Greek Inst'l Investors 12% Truad holds 23.3% stake in the Coca-Col
Slide 27: Divisional Revenue Performance
Divisional Revenue Performance ICM Europe and North America ICM Asia, Africa and Middle East Glass Operations: Revenue (€m) Revenue (€m) Revenue (€m) €336 €313 America €301 €278 €209 130 14 €250 119 Western 122 19 €174 €211 €164 Europe 101 7 103 75 €122 €137 72 €116 75 88 €104 26 €137 15 1 62 €82 €7
Slide 28: Historical Income Statement
Historical Income Statement (in €m) 2006 2007 2008 2009 2010 2011 2012 Sales 411 466 501 347 457 555 581 COGS (exc. Depr.) (287) (328) (368) (254) (331) (419) (455) Gross Profit 124 138 133 92 127 136 127 Opex (exc. Depr) (45) (50) (53) (42) (55) (58) (61) Other Income 2 2 6 3 2 3 2 EBITDA(1) 80 91
Slide 29: Historical Cash Flow Generation
Historical Cash Flow Generation (in €m) 2006 2007 2008 2009 2010 2011 2012 EBITDA(1) 80 91 86 53 74 82 68 Cash Flow from Investing Activities (2) (13) (53) (38) (17) (29) (46) (41) Change in NWC (12) (16) (28) 21 (22) (62) 48 Taxes Paid (14) (19) (14) (10) (14) (14) (10) Free Cash Flow 41 3 6 47 9 (
Slide 30: 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
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