Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — Q4 2017 Earnings Presentation
15 slides from Frigoglass S.a.i.c's earnings presentation, Apr 25, 2018
Slide 1: Results Presentation: Fourth quarter 2017 results
Results Presentation Fourth quarter 2017 results Nikos Mamoulis │Chief Executive Officer Manolis Fafalios │Chief Financial Officer 25 April 2018
Slide 2: Fourth quarter highlights
Fourth quarter highlights EBITDA margin improvement – Favorable ICM sales mix – Cost reduction – Glass business performance ICM sales +42% y-o-y – Strong growth in West Europe – Strong demand from Coca-Cola bottlers Solid Glass performance – Glass container volume – Pricing initiatives Dives
Slide 3: Sustained sales growth in Western Europe
Sustained sales growth in Western Europe 4Q ICM sales by region (in €m) Sustained growth in Western Europe, driven by Coca-Cola +174% bottlers +22% 33 Higher sales in Russia, reflecting a different phasing 27 of orders 22 -19% Lower sales in South Africa and Nigeria 15 12 12 -3% +56% 6 6 1 2 4Q16 4Q
Slide 4: Coca-Cola bottlers up 82% y-o-y on solid ICOOL demand
Coca-Cola bottlers up 82% y-o-y on solid ICOOL demand 4Q ICM sales by customer group (in €m) Increased demand from +82% Coca-Cola bottlers in Germany, France, UK, Spain & 51 Russia Sales to brewery customers down y-o-y, driven by lower 28 customer investments in Africa +8% -7% 15 16 13 12 4Q16 4Q17
Slide 5: Glass sales marginally lower y-o-y
Glass sales marginally lower y-o-y 4Q Glass Sales (in €m) -1% 27 27 -51% 7 4 4Q16 4Q17 4Q16 4Q17 Nigeria Operations Frigoglass Jebel Ali Continuing Operations Discontinued Operations Fourth quarter 2017 results 5 25 April 2018
Slide 6: Financial review
Financial review Fourth quarter 2017 results 6 25 April 2018
Slide 7: Financial performance overview
Financial performance overview Group (in €m) 4Q17 4Q16 Change, % Sales 106,2 83,0 28.0% EBITDA 15,8 4,4 >100% EBITDA margin, % 14.8% 5.4% 9.5pp Net Profit from continued operations 68,9 -17,2 n.m. Net Profit from discontinued operations -13,4 -33,3 n.m. Group (in €m) FY17 FY16 Change, % Sales 386,0
Slide 8: 4Q segmental performance overview
4Q segmental performance overview ICM Operations ICM Operations (in €m) 4Q17 4Q16 Change, % Higher sales in Europe Sales 79,6 56,1 41.8% EBITDA margin: EBITDA 6,1 -2,2 n.m. - Incremental sales - Favorable geographical EBITDA margin, % 7.7% -3.9% 11.5pp sales mix Net Profit 64,3 -19,5 n.m. - Under-ab
Slide 9: Full-year segmental performance overview
Full-year segmental performance overview ICM Operations ICM Operations (in €m) FY17 FY16 Change, % Higher sales from Coca-Cola bottlers in Europe Sales 295,5 289,9 1.9% EBITDA margin: EBITDA 27,0 15,1 78.7% - Favorable geographical EBITDA margin, % 9.1% 5.2% 3.9pp sales mix - Better cost absorption
Slide 10: Gross margin improvement and opex reduction
Gross margin improvement and opex reduction Gross Profit (in €m) Operating Expenses (in €m) 25 17 14 10 4Q16 4Q17 4Q16 4Q17 20.7% 23.4% Gross margin, % 16.4% 9.4% Opex/Sales, % 81 83 47 39 FY16 FY17 FY16 FY17 21.1% 21.5% Gross margin, % 12.4% 10.2% Opex/Sales, % Gross profit and Operating Expenses e
Slide 11: Increased working capital on inventory build-up
Increased working capital on inventory build-up NTWC1,2 (in €m) Capex2 (in €m) 113 90 18 12 FY16 FY17 FY16 FY17 1 Net Trade Working Capital 2 Continuing operations Fourth quarter 2017 results 11 25 April 2018
Slide 12: Business Outlook
Business Outlook Fourth quarter 2017 results 12 25 April 2018
Slide 13: Business Outlook
Business Outlook ICM business – Sustained growth in Europe – Increased investments by key customers in Africa – Innovation – Frigoserve expansion – Cost reduction initiatives Glass business – Demand growth in Nigeria glass business and plastic crates Fourth quarter 2017 results 13 25 April 2018
Slide 14: Q&A
Q&A 14
Slide 15: Forward-looking statements
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 Forward-looking statements This presentation may contain forward-looking statements which are based on current ex