Frigoglass S.a.i.c. · ATHEX:FRIGO

Frigoglass S.a.i.c — FY2018 Earnings Presentation

17 slides from Frigoglass S.a.i.c's earnings presentation, Mar 28, 2019

  1. Slide 1: Results Presentation: Fourth-quarter & full-year 2018

    Results Presentation Fourth-quarter & full-year 2018 Nikos Mamoulis │Chief Executive Officer Harris Goritsas │Chief Financial Officer 28 March 2019

  2. Slide 2: Forward Looking statements

    Forward Looking statements This presentation may contain forward-looking statements which are based on current expectations and assumptions about future events. All statements other than statements of historical fact included in this presentation, including, without limitation, statements regarding

  3. Slide 3: Full-year 2018 highlights

    Full-year 2018 highlights  Solid ICM sales growth  Strong Glass performance  Group comparable EBITDA margin enhancement  Reduced leverage  Free cash flow generation Fourth-quarter and full-year 2018 results 3 28 March 2019

  4. Slide 4: Fourth-quarter 2018 highlights

    Fourth-quarter 2018 highlights  ICM sales -23% y-o-y; as expected  Glass sales +4% y-o-y  Group EBITDA margin down y-o-y  Continued investments to drive growth  Completion of Frigoglass Jebel Ali divestment Fourth-quarter and full-year 2018 results 4 28 March 2019

  5. Slide 5: Tough comparatives in West Europe impacted ICM sales

    Tough comparatives in West Europe impacted ICM sales 4Q ICM sales by region (in €m) Lower placements from breweries and phasing from -63% Coca-Cola bottlers in East Europe 35 -9% West Europe down y-o-y on 27 tough comparatives 24 +49% Continued growth in Africa; 18 sales up by double digit 13 12 +3%

  6. Slide 6: Coca-Cola bottlers down y-o-y, cycling a strong 4Q17

    Coca-Cola bottlers down y-o-y, cycling a strong 4Q17 4Q ICM sales by customer group (in €m) Sales to Coca-Cola bottlers down y-o-y on tough comparatives in West Europe Lower demand and orders’ phasing impacted sales to -21% breweries 51 40 -37% -18% 16 12 13 8 4Q18 4Q17 4Q18 4Q17 4Q18 4Q17 Coca-Cola

  7. Slide 7: Glass sales up 3.6%, supported by plastics performance

    Glass sales up 3.6%, supported by plastics performance 4Q Glass Sales (in €m) Continuing Operations (Nigerian Operations) +1.5 -0.2 28 27 -0.3 Glass 4Q17 Container Plastics Crowns 4Q18  Glass container sales marginally below last year’s level  Orders’ phasing from key breweries and soft-drinks, of

  8. Slide 8: Financial review

    Financial review Fourth-quarter and full-year 2018 results 8 28 March 2019

  9. Slide 9: Financial performance overview

    Financial performance overview Group (in €m) 4Q18 4Q17 Change, % Sales 88.9 106.2 -16.3% Comparable EBITDA 8.0 15.8 -49.0% Comparable EBITDA margin, % 9.0% 14.8% -5.8pp Net Profit from continuing operations -6.3 68.9 n.m. Group (in €m) FY18 FY17 Change, % Sales 417.3 386.0 8.1% Comparable EBITDA 56.

  10. Slide 10: Q4 segmental performance overview

    Q4 segmental performance overview ICM Operations ICM Operations (in €m) 4Q18 4Q17 Change, % Sales: Sales 61.3 79.6 -23.0% - W. Europe down y-o-y on tough comparatives Comparable EBITDA -0.5 6.1 n.m. EBITDA margin: Comparable EBITDA margin, % -0.8% 7.7% -8.5pp - Cost under-absorption Net Profit -8.9

  11. Slide 11: FY segmental performance overview

    FY segmental performance overview ICM Operations ICM Operations (in €m) FY18 FY17 Change, % Sales: Sales 315.5 295.5 6.8% - Double digit growth in Comparable EBITDA 26.5 22.5 17.8% Africa - Europe unchanged Comparable EBITDA margin, % 8.4% 7.6% 0.8pp EBITDA margin: Net Profit -16.6 15.8 n.m. - Cost

  12. Slide 12: FY improvements on GP margin and OPEX/Sales, despite challenging Q4

    FY improvements on GP margin and OPEX/Sales, despite challenging Q4 Gross Profit Operating Expenses (in €m) (in €m) 25 17 10 10 4Q18 4Q17 4Q18 4Q17 18.8% 23.4% Gross margin, % 11.2% 9.4% Opex/Sales, % 92 83 40 39 FY18 FY17 FY18 FY17 22.1% 21.5% Gross margin, % 9.7% 10.2% Opex/Sales, % Gross profit a

  13. Slide 13: Solid cash flow generation

    Solid cash flow generation Group – Continuing Operations (in €m) FY18 FY17 Change Comparable EBITDA 56.4 49.6 6.8 Net Trade Working Capital Change 14.7 -29.3 44.0 Capital Expenditure 35.9 18.1 17.8 Adjusted Free Cash Flow 16.0 -2.9 18.9 Net Debt / EBITDA 4.0x 4.1x  Net Trade Working Capital – Impro

  14. Slide 14: Business Outlook

    Business Outlook Fourth-quarter and full-year 2018 results 14 28 March 2019

  15. Slide 15: Business Outlook

    Business Outlook – Cautiously optimistic for 2019 – Continued ICM top-line growth momentum – Glass containers demand growth – Positive trends in 1Q19 – Ongoing cost reduction initiatives – Continued investments for future growth – FY19 capex of €25-30 million Fourth-quarter and full-year 2018 result

  16. Slide 16: Q&A

    Q&A 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

  17. Slide 17: Concluding remarks – On track towards sustainable growth

    Concluding remarks – On track towards sustainable growth Group Sales Comparable EBITDA Comparable EBITDA margin €417.3m €56.4m 13.5% +8.1% y-o-y +13.8% y-o-y +70bps y-o-y Adj. Free Cash Flow Net Debt / LTM EBITDA €16.0m 4.0x -€2.9m in FY17 4.1x at Dec.-end 2017 Note: Results from continuing operatio

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