Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — FY2013 Earnings Presentation
12 slides from Frigoglass S.a.i.c's earnings presentation, Mar 27, 2014
Slide 1: Fourth Quarter & Full Year 2013 Results
Fourth Quarter & Full Year 2013 Results Torsten Tuerling Chief Executive Officer Nikos Mamoulis Chief Financial Officer 0 www.frigoglass.com
Slide 2: Key messages for the fourth quarter
Key messages for the fourth quarter o Continued Emerging Markets volatility impacting customers’ investments o Europe’s sales up y-o-y on strong Russia; still significant capacity underabsorption o Strong execution on Internal Opportunities ‒ Cost curtailment ‒ Operational efficiency ‒ Inventory red
Slide 3: Volatility in Emerging Markets impact our sales in Asia and Africa
Volatility in Emerging Markets impact our sales in Asia and Africa Group sales by Geography (in €m) +€22m1 -€56m1 200 178 172 171 160 150 141 115 100 94 72 50 0 1Q 1H 2Q 2H 3Q 1H 4Q 2H Europe & N. America Africa & Asia 2012 2013 1 H2-13 sales variation in absolute terms compared to H212 2 www.frigog
Slide 4: €60m lower investments from Coca-Cola bottlers
€60m lower investments from Coca-Cola bottlers 2012 Group sales customer mix 2013 Group sales customer mix All Other All Other €122m €126m Coca-Cola Coca-Cola Bottlers Bottlers €245m €305m Breweries Breweries €154m €152m FY12 FY13 €581m €523m 3 www.frigoglass.com
Slide 5: Financial Review
Financial Review Nikos Mamoulis Chief Financial Officer 4 www.frigoglass.com
Slide 6: Financial performance overview
Financial performance overview 4Q13 4Q12 Ch. FY13 FY12 Ch. Group Sales 126.8 142.4 -10.9% 522.5 581.2 -10.1% EBITDA 11.1 11.4 -3.0% 63.9 67.8 -5.8% Margin % 8.7% 8.0% 0.7pp 12.2% 11.7% 0.5pp Adj. Net Profit -15.4 -6.0 n.m. -13.8 0.0 n.m. Cool Operations Sales 96.2 102.8 -6.5% 398.4 458.8 -13.2% EBIT
Slide 7: Continued focus on cost reduction
Continued focus on cost reduction 4Q13 4Q12 Ch. Sales (€ m) 126.8 142.4 -11% Gross Profit (€ m) 24.0 26.8 -10% Margin % 18.9% 18.8% 0.1pp Operating Expenses (€ m) 13.5 17.0 -21% as % of sales 10.6% 12.0% -1.3pp FY13 FY12 Ch. Sales (€ m) 522.5 581.2 -10% Gross Profit (€ m) 114.5 126.5 -9% Margin % 21
Slide 8: Continuous inventory reduction; Net Debt higher on lower payables
Continuous inventory reduction; Net Debt higher on lower payables Inventory (in €m) Working Capital (in €m) 160 160 148 145 137 140 140 119 120 120 100 100 80 80 60 60 40 40 FY12 FY12 FY13 FY13 FY12 FY12 FY13 FY13 Net Debt (in €m) Capex (in €m) 235 50 240 223 43 40 200 30 25 160 120 20 80 10 40 0 FY
Slide 9: Strategic Priorities & FY14 Outlook
Strategic Priorities & FY14 Outlook Torsten Tuerling Chief Executive Officer 8 www.frigoglass.com
Slide 10: Strategic Priority Projects: Strong Execution
Strategic Priority Projects: Strong Execution 1 Inventory to cash 2 LEAN Operational Excellence 180 145 ‒ Cash flow generation 119 ‒ Q-o-Q reduction ‒ Further roll out 2011 2012 2013 3 Address Low Performing Entities 4 Product Optimisation: CRISP 300bps EBITDA margin dilution ‒ US restructuring ‒ €5
Slide 11: Business Outlook
Business Outlook Actions to mitigate continued market challenges 1. Right-size manufacturing footprint & address low performing entities 2. Further strengthen leading position in Key growth markets (ie Africa) 3. Enhance Cash flow generation through continued inventory reduction 10 www.frigoglass.co
Slide 12: 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