Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — FY2009 Earnings Presentation
21 slides from Frigoglass S.a.i.c's earnings presentation, 2009
Slide 1: Frigoglass Presentation Full Year 2009 Results
Frigoglass Presentation Full Year 2009 Results
Slide 2: Agenda
Agenda g Company Overview Operational Review Strategic Platform for Growth
Slide 3: Company overview
Company p y overview Our core businesses Ice-cold merchandising / Cool Operations Glass/ Nigeria Operations Regional/Africa: Manufacture of glass Global Presence: ICM’s support beverage companies' sales by containers for beverage, pharmaceutical and creating cold drink availability and stimulating c
Slide 4: Our History / Investment Proposition
Our History 1982 1996 1999 2001 2007 2008 2009 Acquisition Inception of of Norcool; Acquisition Greenfield Acquisition the Acquisition of SFA in Frigoglass Frigoglass plant at of Universal industrial of Husky in Turkey formed as a listed on the Guangzhou Nolin LLC in division of spin-off Athens S. A
Slide 5: Core Business
Core Business Full Year 2009 Sales € 263.4 m Contribution 78% Full Year 2009 Sales € 72.7 m Contribution 22% 5
Slide 6: 2009: An Exceptional Year
2009: An Exceptional Year Customer Capex (€m) 2008 CCH 615 Beverage customer capex reduction in Heineken 1,100 2009 Carlsberg 711 SABMiller 1,433 between 30%-50% AB Inbev 1,242 Cost Revenue Strategic • Manufacturing Network • Expand Asia Capacity: • Penetration into a new Optimization India-Indonesi
Slide 7: Key Strategic Drivers
Key Strategic Drivers Maintaining leading global position in the ICM market. market Expanded share in Asia, which continues to demonstrate strong growth. Nigeria Operations provided earnings defensiveness. EcoCool and new products delivering sustainable solutions for our customers. Superio
Slide 8: Q4 2009 Highlights
Q4 2009 Highlights Sequential quarterly improvement through 2009 Sales S l up by b 42.4% 42 4% in i Q4 versus same period i d last l t year, cycling li a weak k Q4 2008 Top up orders from Asia (India, Indonesia, Philippines and Malaysia) and Eastern Europe (Russia, Poland and Romania) Top up
Slide 9: Financial Highlights Full Year 2009
Financial Highlights Full Year 2009 (in €m) FY 2008 FY 2009 Y-o-Y% Q4 2008 Q4 2009 Y-o-Y% Sales 487 8 487.8 337 6 337.6 -30 30.8% 8% 64 2 64.2 91 4 91.4 42 4% 42.4% COGS 372.9 264.0 -29.2% 57.0 72.8 27.6% Gross Profit 114.9 73.6 -35.9% 7.1 18.6 161.6% Operational Expenses 58 5 58.5 47 5 47.5 -18 7%
Slide 10: Cash Flow Generation
Cash Flow Generation Full Year Full Year (in €m) 2008 2009 Cash Generated 71 2 71,2 37 3 37,3 Working Capital Movement -39,4 14,8 Net Cash Flow from Operations 31,8 52,1 N C Net Cash h Fl Flow from f Investing I i Activities A i ii -38,3 38 3 -16,7 16 7 Free Cash Flow -6,5 35,3 Increase in Bank Loan
Slide 11: Cool Operations
Cool Operations 11
Slide 12: Cool Operations Full Year 2009
Cool Operations Full Year 2009 Cool Revenue decreased 36.1% to €263.4 million. However, Q4 Sales increased 68.1%, consistent with ith the th sequential ti l improvement i t over the th year, driven di b ongoing by i strong t growth th in i Asia A i and d reversall to growth in Eastern Europe Asi
Slide 13: Cool Operations Full Year 2009
Cool Operations Full Year 2009 Revenue by Customer Y-o-Y% Growth: (36.1%) CCH (67.2%) CC Bottlers 21.3% Breweries (44.7%) All Others (48 (48.6%) 6%) Revenue by Geography Y-o-Y% Growth: (36.1%) Eastern Europe (63.9%) Western Europe (44.3%) Africa/Middle East (16.5%) Asia/Oceania 73.9% 13
Slide 14: Cool Operations
Cool Operations (in €m) FY 2008 FY 2009 Y o Y% Y-o-Y% Q4 2008 Q4 2009 Y-o-Y% Y o Y% Sales 412.1 263.4 -36.1 42.4 71.2 68.1 EBIT 32.2 15.7 -51.1 -22.8 4.5 NA Net Profit ((Before One-off tax contribution)) 12.3 3.2 -74.0 -20.4 1.5 NA Net Profit 12.3 -2.3 -119.1 -20.4 -3.9 NA 31.1 EBITDA 61 2 61.2 -49.
Slide 15: Launched Eco-Friendly Cooling Solutions
LAUNCHED ECO-FRIENDLY COOLING SOLUTIONS The world’s first complete environmental product range 9Natural refrigerants Hydrocarbons (HC) and Carbon Dioxide (CO2) reduce by more than 1,000 times on average the impact refrigerants have on the environment. 9Natural substances used in the insulation proce
Slide 16: Entry into North America
Entry into North America Acquisition of Universal Nolin LLC, ICM company based in South Carolina U.S.A., in December 15th 2009 Enterprise Value of $11.5 million 2009 Sales of $20 million and EPS accretive within 2 years Current Management has important knowledge of the market and remains in
Slide 17: Nigeria Operations
Nigeria Operations 17
Slide 18: Nigeria Operations
Nigeria Operations Nigeria Operations Sales increased 2.4% in Euro to €72.7 million, cycling strong growth in prior year. Sales in Euro terms were impacted by Naira depreciation, with Sales in local currency increasing 20.4% Sales momentum continued at Glass, with Sales increasing 16.4% in Nai
Slide 19: 2010 Outlook
2010 Outlook Sequential improvement in the fourth quarter, suggests ongoing strong growth in A i and Asia d some positive iti signs i i Eastern in E t E Europe However, as highlighted in recent communications from our key customers, consumer sentiment ti t remains i weak, k particularly ti l l i
Slide 20: Strategic Platform for Growth
Strategic Platform for Growth ICM Geographic Creating optimum Working Capital Innovation: Environment: Sustain growth portfolio tf li platform for future and d Tax T Planning Pl i Develop D l N New Be recognised B i d as andd efficiency ffi i expansion. growth Bespoke products the industry leader im
Slide 21: Thank you
Thank you For further information on Frigoglass please visit our website at: www.frigoglass.com or contact our Investor Relations Department: Lillian Phillips, Head of Corporate Communications lphillips@frigoglass.com Polina Atmatsiadi, Investors Relations patmatsiadi@frigoglass.com (+) 30.210.61.65