Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Q3 2017 Earnings Presentation
16 slides from Frigoglass S.a.i.c's earnings presentation, Nov 24, 2017
Slide 1: Results Presentation: Third quarter 2017 results
Results Presentation Third quarter 2017 results Nikos Mamoulis │Chief Executive Officer Manolis Fafalios │Chief Financial Officer 24 November 2017
Slide 2: Successful completion of capital restructuring
Successful completion of capital restructuring Transaction Highlights €138m gross debt deleveraging Equitisation of a) €30m shareholder term loan (Boval), b) €59.6m of the €250m Notes and bank debt Cash repayment of €3.5m • €45m discount €70m additional liquidity • €30m equity contribution f
Slide 3: Third quarter highlights
Third quarter highlights EBITDA margin improvement – Improved sales mix – Better fixed cost absorption – Cost control initiatives Lower y-o-y ICM sales – Strong growth in West Europe – Phasing of orders in Africa – China’s plant closure impact Glass sales down y-o-y – Solid growth in Crowns –
Slide 4: Sustained solid sales growth in Western Europe
Sustained solid sales growth in Western Europe 3Q ICM sales by region (in €m) Sustained growth in Western Europe, driven by Coca-Cola bottlers -13% +32% Lower sales in Russia, 19 18 reflecting a different phasing of orders 16 14 -12% Lower sales in East and South 12 Africa -34% 10 7 Asia impacted by
Slide 5: Coca-Cola bottlers up 6% y-o-y on solid ICOOL demand
Coca-Cola bottlers up 6% y-o-y on solid ICOOL demand 3Q ICM sales by customer group (in €m) Increased demand from Coca-Cola in Germany and +6% France 34 32 Sales to brewery customers down y-o-y, driven by lower customer investments in Africa -13% -21% 11 10 9 8 3Q16 3Q17 3Q16 3Q17 3Q16 3Q17 Coca-Col
Slide 6: Glass sales marginally lower y-o-y; Weak demand in FJA
Glass sales marginally lower y-o-y; Weak demand in FJA 3Q Glass Sales (in €m) +8% 25 23 -27% 8 6 3Q16 3Q17 3Q16 3Q17 Nigeria Frigoglass Operations Jebel Ali Third quarter 2017 results 6 24 November 2017
Slide 7: Financial review
Financial review Third quarter 2017 results 7 24 November 2017
Slide 8: Financial performance overview
Financial performance overview Group (in €m) 3Q17 3Q16 Change, % Sales 81.5 83.2 -2.0% EBITDA 10.9 7.9 38.5% EBITDA margin 13.4% 9.5% 3.9pp Net Profit -11.0 -13.7 n.m. Adj. Net Profit -4.1 -12.4 n.m. Group (in €m) 9M17 9M16 Change, % Sales 297.0 322.9 -8.0% EBITDA 36.1 35.9 0.5% EBITDA margin 12.2%
Slide 9: 3Q segmental performance overview
3Q segmental performance overview ICM Operations ICM Operations (in €m) 3Q17 3Q16 Change, % Lower sales in Asia and Africa Sales 51.1 52.5 -2.7% EBITDA margin: EBITDA 4.6 -1.2 n.m. - China’s building disposal EBITDA margin 9.0% n.m. n.m. one-off gain Net Profit -12.2 -15.0 n.m. - Better geographical
Slide 10: 9M segmental performance overview
9M segmental performance overview ICM Operations ICM Operations (in €m) 9M17 9M16 Change, % Lower sales in Asia and Africa Sales 215.9 233.8 -7.7% EBITDA margin: EBITDA 20.9 17.3 20.9% - China’s building disposal EBITDA margin 9.7% 7.4% 2.3pp one-off gain Net Profit -48.5 -45.1 n.m. - Raw material c
Slide 11: Operating expenses reduction
Operating expenses reduction Gross Profit (in €m) Operating Expenses (in €m) 17 15 10 10 3Q16 3Q17 3Q16 3Q17 20.7% 18.7% Gross margin, % 12.5% 12.2% Opex/Sales, % 68 56 34 30 9M16 9M17 9M16 9M17 21.0% 18.9% Gross margin, % 10.6% 10.1% Opex/Sales, % Gross profit and Operating Expenses excludes deprec
Slide 12: Working capital improvement
Working capital improvement Trade Working Capital (in €m) Capex (in €m) 117 101 10 8 9M16 9M17 9M16 9M17 Third quarter 2017 results 12 24 November 2017
Slide 13: Business Outlook
Business Outlook Third quarter 2017 results 13 24 November 2017
Slide 14: Business Outlook
Business Outlook ICM business – Sustained growth in Europe – ICOOL – Sales phasing in Africa – China’s manufacturing discontinuation impact Glass business – Naira devaluation – Price initiatives in Nigeria – Increased demand for Crowns Third quarter 2017 results 14 24 November 2017
Slide 15: Q&A
Q&A 15
Slide 16: 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