Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — Q1 2017 Earnings Presentation
13 slides from Frigoglass S.a.i.c's earnings presentation, May 24, 2017
Slide 1: Results Presentation: First quarter 2017 results
Results Presentation First quarter 2017 results Nikos Mamoulis │Chief Executive Officer Manolis Fafalios │Chief Financial Officer 24 May 2017
Slide 2: First quarter highlights
First quarter highlights Lower y-o-y Cool sales – Recovery in Russia – Sustained growth in West Europe – Service business – Asia impacted by China’s plant closure Glass sales down y-o-y – Naira devaluation – Pricing initiatives – Lower sales in Jebel Ali EBITDA margin decline – Cost under-abso
Slide 3: Sustained sales growth in Europe
Sustained sales growth in Europe 1Q Cool sales by region (in €m) Ongoing recovery in Russia and higher y-o-y Service +14% business sales in East Europe 31 Sustained growth in Western 27 Europe, driven by ICOOL +15% 21 -38% Lower sales in Nigeria and 18 East Africa 18 -45% Asia impacted by China’s 12
Slide 4: Lower sales to Coca-Cola bottlers, mainly in East Europe
Lower sales to Coca-Cola bottlers, mainly in East Europe 1Q Cool sales by customer group (in €m) Lower demand from Coca- Cola in Russia, Romania and Italy -5% 49 47 Sales to brewery customers down y-o-y, driven by lower customer investments in Africa -23% -3% 13 13 14 11 1Q16 1Q17 1Q16 1Q17 1Q16 1Q1
Slide 5: Naira's devaluation & weak FJA sales impacted Glass sales
Naira’s devaluation & weak FJA sales impacted Glass sales 1Q Glass Sales (in €m) +5% 17 18 -27% 8 6 1Q16 1Q17 1Q16 1Q17 Nigeria Frigoglass Operations Jebel Ali First quarter 2017 results 5 24 May 2017
Slide 6: Financial review
Financial review First quarter 2017 results 6 24 May 2017
Slide 7: Financial performance overview
Financial performance overview Cool Operations Group (in €m) 1Q17 1Q16 Change, % Sales 94.3 101.9 -7.5% Lower sales in Asia and Africa EBITDA 9.4 10.7 -11.7% EBITDA margin: EBITDA margin 10.0% 10.5% -0.5pp - Cost under-absorption Net Profit -12.2 -8.3 n.m. Adj. Net Profit -8.4 -8.3 n.m. - Higher raw
Slide 8: Operating expenses reduction in 1Q
Operating expenses reduction in 1Q Gross Profit (in €m) Operating Expenses (in €m) 22 18 12 11 1Q16 1Q17 1Q16 1Q17 21.2% 19.1% Gross margin, % 11.3% 11.1% Opex/Sales, % Gross profit and Operating Expenses excludes depreciation First quarter 2017 results 8 24 May 2017
Slide 9: Working capital improvement
Working capital improvement Trade Working Capital (in €m) Capex (in €m) 126 109 3 2 1Q16 1Q17 1Q16 1Q17 First quarter 2017 results 9 24 May 2017
Slide 10: Business Outlook
Business Outlook First quarter 2017 results 10 24 May 2017
Slide 11: Business Outlook
Business Outlook Cool business – Increase share in Coca-Cola through ICOOL in Europe – Expand Service business – Innovation – New cost competitive products Glass business – Naira devaluation – Price initiatives in Nigeria – Customer base expansion in Jebel Ali First quarter 2017 results 11 24 May 20
Slide 12: Q&A
Q&A 12
Slide 13: 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