Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Q3 2016 Earnings Presentation
15 slides from Frigoglass S.a.i.c's earnings presentation, Nov 30, 2016
Slide 1: Results Presentation – Third quarter 2016 results
Results Presentation Third quarter 2016 results Nikos Mamoulis │Chief Executive Officer Manolis Fafalios │Chief Financial Officer 30 November 2016
Slide 2: Third quarter highlights
Third quarter highlights Lower y-o-y Cool sales – Sales phasing in Nigeria – Recovery in Russia – Sustained growth in Western Europe (ICOOL) Glass sales impacted by Naira devaluation EBITDA margin improvement Active discussions with: – Largest shareholder – Ad hoc committee of bondholders –
Slide 3: Weak Africa due to sales phasing in Nigeria
Weak Africa due to sales phasing in Nigeria 3Q Cool sales by region (in €m) Sales phasing in Nigeria (exceptionally strong 3Q15) Reduced customers cooler -51% investments in India and 24 +39% Southeast Asia +5% 18 Sales recovery in Russia 14 -38% 13 14 Sustained growth in Western 12 12 Europe, drive
Slide 4: Lower sales to Coca-Cola and brewery customers in Africa
Lower sales to Coca-Cola and brewery customers in Africa 3Q Cool sales by customer group (in €m) Lower sales to Coca-Cola bottlers in Nigeria (phasing of sales), Southeast Asia and US Sales to brewery customers -20% down y-o-y, cycling strong 40 comparatives 32 -33% -6% 14 11 10 11 3Q16 3Q15 3Q16 3Q
Slide 5: Naira's devaluation and weak FJA sales impacted Glass
Naira’s devaluation and weak FJA sales impacted Glass 3Q Glass Sales (in €m) +3% 23 23 -26% 10 8 3Q16 3Q15 3Q16 3Q15 Nigeria FJA Operations Third quarter 2016 results 5 30 November 2016
Slide 6: Financial review
Financial review Third quarter 2016 results 6 30 November 2016
Slide 7: Financial performance overview
Financial performance overview Group (in €m) 3Q16 3Q15 Change, % Sales 83.2 98.8 -15.8% EBITDA 7.9 8.6 -8.8% EBITDA margin 9.5% 8.7% 0.7pp Net Profit -13.7 -16.6 n.m. Adj. Net Profit -12.4 -16.6 n.m. Group (in €m) 9M16 9M15 Change, % Sales 322.9 364.0 -11.3% EBITDA 35.9 40.2 -10.6% EBITDA margin 11.
Slide 8: 3Q segmental performance overview
3Q segmental performance overview Cool Operations Cool Operations (in €m) 3Q16 3Q15 Change, % Lower y-o-y sales mainly on Sales 52.5 66.1 -20.6% sales phasing in Nigeria EBITDA -1.2 0.2 n.m. EBITDA margin: EBITDA margin -2.3% 0.3% n.m. - Cost underabsorption Net Profit -15.0 -16.9 n.m. - Service bus
Slide 9: 9M segmental performance overview
9M segmental performance overview Cool Operations Cool Operations (in €m) 9M16 9M15 Change, % Sales: Sales 233.8 263.7 -11.3% - Weak sales to breweries EBITDA 17.3 20.3 -14.6% in Russia - West Europe up on ICOOL EBITDA margin 7.4% 7.7% -0.3pp - Service business growth Net Profit -45.1 -21.0 n.m. Adj
Slide 10: Operating expenses down 8% y-o-y in 3Q
Operating expenses down 8% y-o-y in 3Q Gross Profit (in €m) 75 68 120 bps gross margin improvement in 3Q 17 19 3Q16 3Q15 9M16 9M15 20.7% 19.5% 21.0% 20.6% Gross margin, % Opex reduction: Operating Expenses (in €m) 34 37 - Efficiency measures - Cost savings 10 11 3Q16 3Q15 9M16 9M15 12.5% 11.5% 10.6%
Slide 11: Working capital improvement and tight capital spending
Working capital improvement and tight capital spending Trade Working Capital (in €m) Capex (in €m) 149 117 27 10 9M16 9M15 9M16 9M15 Third quarter 2016 results 11 30 November 2016
Slide 12: Business Outlook
Business Outlook Third quarter 2016 results 12 30 November 2016
Slide 13: Business Outlook
Business Outlook 4Q16 Cool business – Sales phasing in Nigeria – Sustained Service business growth – Increased demand for ICOOL in Western Europe 4Q16 Glass business – Weak demand in Jebel Ali – Naira devaluation – Customer base expansion Third quarter 2016 results 13 30 November 2016
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