Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — Q2 2013 Earnings Presentation
9 slides from Frigoglass S.a.i.c's earnings presentation, Aug 6, 2013
Slide 1: 2Q13 Financial Results Presentation
2Q13 Financial Results Presentation August 6, 2013 0 www.frigoglass.com
Slide 2: Solid sales level and EBITDA margin improvement in 2Q
Solid sales level and EBITDA margin improvement in 2Q (in €m) Sales EBITDA (in €m) Sales EBITDA 200 350 €338m €179m €313m €172m 300 160 250 120 200 150 80 15.2% 15.9% 100 15.2% 15.2% 40 €27m €51m €27m €48m 50 0 0 2Q12 2Q13 2Q12 2Q13 1H12 1H13 1H12 1H13 EBITDA margin, % EBITDA margin, % 1 www.frigogl
Slide 3: 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) 2 www.frigoglass.com
Slide 4: 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 5: Strategic Priority Projects – 1H13 update
Strategic Priority Projects – 1H13 update 1 Inventory Management 2 Product Cost Optimization 3 Lean Operations & Operational Excellence 4 Turnaround of recently entered markets (1) Compared to inventory level as of 31-Dec-2012 4 www.frigoglass.com
Slide 6: Stable Cool EBITDA margin in 2Q on strong OpEx containment
Stable Cool EBITDA margin in 2Q on strong OpEx containment (in €m) Sales EBITDA (in €m) Sales EBITDA 160 €156m 300 €289m €139m €248m 250 120 200 80 150 100 40 14.0% 13.9% 13.6% 12.5% €22m €19m 50 €39m €31m 0 0 2Q12 2Q13 2Q12 2Q13 1H12 1H13 1H12 1H13 EBITDA margin, % EBITDA margin, % 5 www.frigoglass
Slide 7: Continuing strong Glass business results in 2Q
Continuing strong Glass business results in 2Q (in €m) Sales EBITDA (in €m) Sales EBITDA 40 70 €65m 35 €33m 60 30 €50m 50 25 €23m 40 20 30 15 22.9% 24.2% 24.9% 25.3% 20 €17m 10 €8m €12m €5m 5 10 0 0 2Q12 2Q13 2Q12 2Q13 1H12 1H13 1H12 1H13 EBITDA margin, % EBITDA margin, % 6 www.frigoglass.com
Slide 8: 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 9: 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