Vidrala Sa · BME:VID

Vidrala Sa — Merger or Acquisition (January 2015)

11 slides from Vidrala Sa's merger presentation, Jan 15, 2015

  1. Slide 1: Encirc Ltd. Acquisition

    ENCIRC LTD. ACQUISITION JANUARY 15th, 2015

  2. Slide 2: Disclaimer

    DISCLAIMER This presentation includes or may include representations or estimations concerning the future about intentions, expectations or forecasts of VIDRALA or its management. which may refer to the evolution of its business performance and its results. These forward looking statements refer to

  3. Slide 3: Encirc Limited - Description

    I. ENCIRC LIMITED - DESCRIPTION  Encirc Glass is a glass packaging manufacturer for the food and beverage markets in UK and Ireland.  It operates two sites: Derrylin in Northern Ireland and Elton in England.  It is the sole player in Ireland and the second player within the UK (roughly 27% market

  4. Slide 4: Encirc Limited - Description: Sales and EBITDA 2012A-2014E

    I. ENCIRC LIMITED - DESCRIPTION SALES 2012A-2014E (GBP m) EBITDA 2012A-2014E (GBP m) 243.0 – 245.0 47.0 – 48.0 236.6 237.0 42.3 41.0 2012A 2013A 2014E 2012A 2013A 2014E

  5. Slide 5: Market Fundamentals

    II. MARKET FUNDAMENTALS SALES BY MARKET (IN ‘000 TONS) 2008 2013 Source: FEVE -2.5% 3,755 3,661 -7.4% 3,774 -9.1% 3,548 3,429 3,286 3,326 -12.1% 2013/2008 2,923 MAIN GLASS +1.5% PACKAGING 2,132 2,165 MARKETS IN EUROPE PLAYERS IN UK&IRELAND:  Market share (est.): 41%  #2 worldwide, #3 in Europe UK

  6. Slide 6: Transaction Rationale: Sales by Segment and Market

    III. TRANSACTION RATIONALE VIDRALA + ENCIRC FACILITIES 2014E SALES BY SEGMENT Others Soft Drinks Soft Drinks 8% Wine 13% 8% 25% Food 8% Food Wine 15% Spirits 49% 9% Spirits 7% Beer Beer 13% 45% 2014E SALES BY MARKET Ireland Rest of 23% continental Europe 34% Iberia 54% UK Italy 77% 12% 6

  7. Slide 7: Business Combination Sales 2014E

    III. TRANSACTION RATIONALE BUSINESS COMBINATION SALES. 2014E. EUR in millions. 777-784 ~ 67% of Vidrala´s 2014E 465-470 sales 312-314* + * Fx: 0.78 EUR/GBP 7

  8. Slide 8: Business Combination EBITDA 2014E

    III. TRANSACTION RATIONALE BUSINESS COMBINATION EBITDA. 2014E. EUR in millions. 167-171 Margin: 21%-22% ~ 56% of 107-109 Vidrala´s Margin: 22%-23% 2014E EBITDA 60-62* Margin: 19%-20% + * Fx: 0.78 EUR/GBP 8

  9. Slide 9: Pro Forma Debt ~2.8x

    IV. FINANCIAL PROFILE PRO FORMA DEBT EUR in millions. 408.6 476.6-478.6 DEAL PRO FORMA ~2.8x DEBT 2014 DEBT/EBITDA 68-70 Year end 2014 debt pre-acquisition 9

  10. Slide 10: Cash Flow Targets

    V. CASH PROFILE CASH FLOW TARGETS As a percentage of sales. 21%-22% 8%-9% EBITDA MARGIN 2%-3% 10-12% PRO- CAPEX FORMA WORKING PLAN 2014 (ANNUAL CAPITAL FREE CASH 2015-2020) AND CASH CONVERSION OTHERS BEFORE (EST.) INTERESTS ~ 50% 10

  11. Slide 11: Vidrala

    V vidrala

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