Frigoglass S.a.i.c. · ATHEX:FRIGO

Frigoglass S.a.i.c — FY2015 Earnings Presentation

17 slides from Frigoglass S.a.i.c's earnings presentation, Mar 31, 2016

  1. Slide 1: Results Presentation

    Results Presentation Fourth quarter and full-year 2015 results Nikos Mamoulis │Chief Executive Officer Manolis Fafalios │Chief Financial Officer March 31, 2016

  2. Slide 2: Termination of Glass Operations sale agreement

    Termination of Glass Operations sale agreement  Termination of agreement signed in May 2015  Buyer did not meet financing condition  Amended offers by the buyer  No business interruption  Priority: Capital Structure review with financial advisors Fourth quarter 2015 results 2 March 31, 2016

  3. Slide 3: Capital Structure review

    Capital Structure review  €30m term loan facility by Truad Verwaltungs AG – Debt repayment and Working capital needs – Mature on March 2017 – Subject to approval by the AGM  Extension of Revolving Credit Facilities to March 2017  Review to be completed in the following months Fourth quarter 2015

  4. Slide 4: Fourth quarter highlights

    Fourth quarter highlights  Cool sales decline – Weak market conditions in Russia – Phasing of sales in Nigeria – Coca-Cola bottlers down 38%  Glass sales reduction – Macroeconomic challenges in Nigeria  EBITDA margin decline – Fixed costs underabsorption – Geographical mix – Efficiency gains on G

  5. Slide 5: Sales decline on weak Russia and phasing in Nigeria

    Sales decline on weak Russia and phasing in Nigeria 4Q Cool sales by region (in €m) Full-Year 2015 2014 Chng, % Sales €317m €340m -7% 32 -48% 25 -43% -12% 17 -40% 13 13 14 12 -24% 8 3 3 4Q15 4Q14 4Q15 4Q14 4Q15 4Q14 4Q15 4Q14 4Q15 4Q14 East West North Asia Africa & ME Europe Europe America Fourth qu

  6. Slide 6: Coca-Cola bottlers: 9M's sales momentum reversed in 4Q

    Coca-Cola bottlers: 9M’s sales momentum reversed in 4Q Quarterly Cool sales evolution (in €m) Full-Year 2015 2014 Chng, % Sales €174m €152m +15% 64 +41% -38% 49 +40% 46 +39% 40 40 29 29 30 1Q15 1Q14 2Q15 2Q14 3Q15 3Q14 4Q15 4Q14 Fourth quarter 2015 results 6 March 31, 2016

  7. Slide 7: Breweries and all other customers also down y-o-y

    Breweries and all other customers also down y-o-y 4Q Cool sales by customer group (in €m) -38% 49 30 -33% -44% 22 16 11 12 4Q15 4Q14 4Q15 4Q14 4Q15 4Q14 Coca-Cola Breweries All Other Bottlers FY15* +15% -8% -41% Fourth quarter 2015 results *y-o-y Cool business sales growth 7 March 31, 2016

  8. Slide 8: 2H weak trading conditions in Nigeria impacted sales

    2H weak trading conditions in Nigeria impacted sales Quarterly Glass sales evolution (in €m) Full-Year 2015 2014 Chng, % Sales €137m €147m -7% -10% -12% 41 +1% -6% 36 37 37 34 33 34 33 1Q15 1Q14 2Q15 2Q14 3Q15 3Q14 4Q15 4Q14 Jebel Ali Nigeria Fourth quarter 2015 results 8 March 31, 2016

  9. Slide 9: Financial review

    Financial review Fourth quarter 2015 results 9 March 31, 2016

  10. Slide 10: Financial performance overview

    Financial performance overview (in €m) 4Q15 4Q14 Change, % FY15 FY14 Change, % Group Sales 89.9 127.5 -29.5% 453.9 487.0 -6.8% EBITDA 12.6 20.5 -38.4% 52.8 63.0 -16.1% EBITDA Margin, % 14.0% 16.1% -2.1pp 11.6% 12.9% -1.3pp Adj. Net Profit -15.9 -6.2 n.m. -36.5 -20.4 n.m. Cool Operations Sales 52.9 8

  11. Slide 11: Gross Profit decline on lower volume

    Gross Profit decline on lower volume (in €m) 4Q15 4Q14 Change, % Sales (€ m) 89.9 127.5 -29.5% Gross Profit 19.6 29.9 -34.5% Gross Profit Margin, % 21.8% 23.5% -1.7pp Operating Expenses 13.5 14.0 -4.2% OPEX as % of sales 15.0% 11.0% 4.0pp (in €m) FY15 FY14 Change, % Sales (€ m) 453.9 487.0 -6.8% Gro

  12. Slide 12: Non-recurring expenses of €26m in 4Q

    Non-recurring expenses of €26m in 4Q  €14m inventory write-off – Product rationalization; phase out of old models and related spare parts – ICOOL launch  €3m Glass business divestment related costs  €9m deferred tax asset assets write- off Fourth quarter 2015 results 12 March 31, 2016

  13. Slide 13: Net Debt at €304m, up 30% y-o-y

    Net Debt at €304m, up 30% y-o-y 362 58 RCFs 48 304 ST Loans 69 Bond 245 2015 2015 2015 Gross Debt Cash Net Debt Fourth quarter 2015 results 13 March 31, 2016

  14. Slide 14: Business Outlook

    Business Outlook KFRIGOGIASS 14

  15. Slide 15: Business outlook

    Business outlook  Return to growth in Cool – Weak trading conditions in Russia – ICOOL roll-out; launch of SMART & EvoCool – Integrated Services roll-out – Hybrid solution in Africa  Challenging market environment in Nigeria impacting Glass sales  Lower raw material prices  Productivity improvem

  16. Slide 16: Q&A

    Q&A 16

  17. Slide 17: 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

Frigoglass S.A.I.C. — FY2015 Earnings Presentation on 6ix