Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — Q1 2018 Earnings Presentation
14 slides from Frigoglass S.a.i.c's earnings presentation, Jun 11, 2018
Slide 1: Results Presentation First-quarter 2018
Results Presentation First-quarter 2018 Nikos Mamoulis │Chief Executive Officer 11 June 2018
Slide 2: First quarter highlights
First quarter highlights Sustained ICM growth momentum – Strong demand in Europe – Recovery in Africa Nigeria Glass outperformed – Glass container volume growth – Plastic crates follows glass demand – Initiatives to mitigate y-o-y devaluation EBITDA margin +163 bps y-o-y – Sales growth – Favor
Slide 3: Sustained sales growth in Europe
Sustained sales growth in Europe 1Q ICM sales by region (in €m) Strong placements from Coca-Cola bottler in East Europe +27% 39 Continued growth momentum in Western 31 +9% Europe; ICOOL 23 21 +91% Solid sales recovery in Africa, -44% led by increased placements 13 11 in Nigeria 6 7 Lower sales in As
Slide 4: Coca-Cola bottlers up 36% y-o-y on strong ICOOL demand
Coca-Cola bottlers up 36% y-o-y on strong ICOOL demand 1Q ICM sales by customer group (in €m) Increased demand from +36% Coca-Cola bottlers in Europe 63 and Africa 47 Sales to brewery customers down y-o-y, mainly driven by lower customer investments in Russia -36% -8% 13 11 10 8 1Q17 1Q18 1Q17 1Q18
Slide 5: Strong sales growth in the quarter
Strong sales growth in the quarter 1Q Glass Sales (in €m) Continuing Operations (Nigerian Operations) 3 25 4 18 Glass Plastics 1Q17 Container & Crowns 1Q18 First quarter 2018 results 5 11 June 2018
Slide 6: Financial review
Financial review First quarter 2018 results 6 11 June 2018
Slide 7: Financial performance overview
Financial performance overview Group (in €m) 1Q18 1Q17 Change, % Sales 105.7 88.2 19.8% EBITDA 13.1 9.5 37.9% EBITDA margin, % 12.4% 10.8% 1.6pp Net Profit from continued operations -2.2 -10.4 n.m. Net Profit from discontinued operations -1.4 -1.8 n.m. First quarter 2018 results 7 11 June 2018
Slide 8: 1Q segmental performance overview
1Q segmental performance overview ICM Operations ICM Operations (in €m) 1Q18 1Q17 Change, % Higher sales in Europe & Africa Sales 81.1 70.1 15.8% EBITDA margin: EBITDA 7.1 4.8 46.2%. - Incremental sales EBITDA margin, % 8.7% 6.9% 1.8pp - Favorable geographical Net Profit -4.3 -11.6 n.m. sales mix -
Slide 9: Gross margin and opex over sales improvement
Gross margin and opex over sales improvement Gross Profit (in €m) Operating Expenses (in €m) 23 18 10 10 1Q17 1Q18 1Q17 1Q18 20.2% 21.4% Gross margin, % 11.6% 9.6% Opex/Sales, % Gross profit and Operating Expenses excludes depreciation and impairment charges First quarter 2018 results 9 11 June 2018
Slide 10: Increased working capital and capex impacted FCF
Increased working capital and capex impacted FCF Group (in €m) – Continuing Operations 1Q18 1Q17 Change EBITDA 13.1 9.5 3.6 Net Trade Working Capital Change -12.5 -4.6 -7.9 Capital Expenditure 3.7 1.8 1.9 Adjusted Free Cash Flow -1.8 -0.6 -1.2 Net Trade Working Capital – Inventory build-up – Highe
Slide 11: Business Outlook
Business Outlook First quarter 2018 results 11 11 June 2018
Slide 12: Business Outlook
Business Outlook ICM business – Sustained demand Europe; ICOOL; New models Flex and Plus – Maintain growth momentum in Africa; Hybrid, Super; Expand customer base – Frigoserve – Operational excellence Glass business – Demand growth in Nigeria glass business and plastic crates – Planned furnace cold
Slide 13: 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
Slide 14: 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