Frigoglass S.a.i.c. · ATHEX:FRIGO

Frigoglass S.a.i.c — Frigoglass — Q1 2015 Earnings Presentation

14 slides from Frigoglass S.a.i.c's earnings presentation, May 22, 2015

  1. Slide 1: First quarter 2015 results

    First quarter 2015 results Torsten Tuerling │Chief Executive Officer Nikos Mamoulis │Chief Financial Officer May 22, 2015

  2. Slide 2: Key messages for the first quarter

    Key messages for the first quarter  Agreement signed to divest Glass  Glass sales y-o-y growth – Nigeria +8% – Jebel Ali -18%  Dubai furnace repair hits EBITDA  Cool sales mixed – Strong Russia & US – Coca-Cola bottlers up 40% – Africa/Middle East -31%  ICOOL range ramp up  10th quarter of inv

  3. Slide 3: Glass business transaction

    Glass business transaction Strategic rationale Transaction economics  Deleverage balance sheet  Scope: all Glass operations – Nigeria Glass container  Leader in global ICM market – Nigeria Crowns & Crates – Frigoglass Jebel Ali, Dubai  ICM specific Group resources  Net consideration of US$225m

  4. Slide 4: Lower sales in Africa & Middle East

    Lower sales in Africa & Middle East 1Q Cool sales by region (in €m) 1Q14 1Q15 Chng, % 53 53 €91m €86m -5% 24 24 14 -31% 10 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Europe & Asia Africa & ME N. America First quarter 2015 results 4 May 22, 2015

  5. Slide 5: Short-term margin impact from ICOOL's ramp-up

    Short-term margin impact from ICOOL’s ramp-up  ICOOL ramp-up costs Production cost evolution Cost 90 70 50 30 1Q Cool EBITDA margin Time 10.1% -80bps 9.3%  Productivity gap in 1Q: -15%  Volume lost of ~6k units 1Q14 1Q15 First quarter 2015 results 5 May 22, 2015

  6. Slide 6: Nigeria continued growing; Dubai down on maintenance

    Nigeria continued growing; Dubai down on maintenance 1Q Glass Sales (in €m) Frigoglass Jebel Ali +8.1% 26 24  Replacement of the regenerator -18.1% 9 7  Low output & higher energy cost  Adverse EBITDA impact of €3m in 1Q 1Q14 1Q15 1Q14 1Q15 Nigeria FJA  Furnace now up and running First quarter 2

  7. Slide 7: Financial review

    Financial review First quarter 2015 results 7 May 22, 2015

  8. Slide 8: Financial performance overview

    Financial performance overview 1Q15 1Q14 Change, % Group Sales 120.0 124.2 -3.4% EBITDA 12.0 16.1 -25.6% EBITDA Margin, % 10.0% 12.9% -3.0pp Net Profit -3.9 -3.4 n.m. Cool Operations Sales 86.5 91.1 -5.1% EBITDA 8.1 9.2 -12.2% EBITDA Margin, % 9.3% 10.1% -0.8pp Glass Operations Sales 33.5 33.1 1.3%

  9. Slide 9: Opex decline on continued efficiency improvements

    Opex decline on continued efficiency improvements 1Q15 1Q14 Change, % Sales (€ m) 120.0 124.2 -3.4% Gross Profit 22.9 28.7 -20.2% Gross Profit Margin, % 19.1% 23.1% -4.0pp Operating Expenses 11.9 12.9 -7.6% OPEX as % of sales 9.9% 10.4% -0.4pp Note: Gross profit and Operating Expenses exclude deprec

  10. Slide 10: Inventory driven working capital improvement

    Inventory driven working capital improvement Inventory (in €m) Working Capital (in €m) 185 173 123 110 1Q14 1Q15 1Q14 1Q15 Capex (in €m) 8  10th Quarter of inventory 3 reduction  Furnace rebuild 1Q14 1Q15 First quarter 2015 results 10 May 22, 2015

  11. Slide 11: Business Outlook

    Business Outlook First quarter 2015 results 11 May 22, 2015

  12. Slide 12: Business outlook

    Business outlook  Gradual return to growth in Cool  Volatility in some markets  ICOOL/ILOOK ramp-up impact  Service business growth  Glass transaction closing  Going Forward strategy First quarter 2015 results 12 May 22, 2015

  13. Slide 13: Q&A

    Q&A First quarter 2015 results 13 May 22, 2015

  14. Slide 14: For further information on Frigoglass, please visit our website

    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

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