Frigoglass S.a.i.c. · ATHEX:FRIGO
Frigoglass S.a.i.c — Frigoglass — Q2 2018 Earnings Presentation
16 slides from Frigoglass S.a.i.c's earnings presentation, Aug 6, 2018
Slide 1: Results Presentation Second quarter 2018
Results Presentation Second quarter 2018 Nikos Mamoulis │Chief Executive Officer 6 August 2018
Slide 2: Second quarter highlights
Second quarter highlights Growth across both business segments ICM sales +23% y-o-y – Sustained strong demand in Europe – Continued recovery in Africa Solid Nigeria Glass results – Glass container volume growth – Plastic crates follows glass demand EBITDA margin +150 bps y-o-y – Favorable IC
Slide 3: Solid sales growth in Europe and Africa
Solid sales growth in Europe and Africa 2Q ICM sales by region (in €m) Strong placements from the Coca-Cola bottler in Eastern Europe +26% 58 Sustained sales growth 46 momentum in Western +12% Europe, led by placements in Italy and UK 30 27 +114% -20% Good recovery in Africa, 19 supported by market
Slide 4: Growth across all customer groups
Growth across all customer groups 2Q ICM sales by customer group (in €m) Continued strong demand from Coca-Cola bottlers in +21% Europe and Africa 81 67 Sales to breweries increased 18% y-o-y, driven by higher demand in Africa Sales growth to Other +18% +36% customer group reflects 17 19 demand from
Slide 5: Sustained sales growth, driven by glass and plastics
Sustained sales growth, driven by glass and plastics 2Q Glass Sales (in €m) Continuing Operations (Nigerian Operations) 6 1 -2 26 21 Glass 2Q17 Container Plastics Crowns 2Q18 Glass sales +25% y-o-y Glass container demand assisted by additional beer capacity in the market Plastic crates sales s
Slide 6: Financial review
Financial review Second quarter 2018 results 6 6 August 2018
Slide 7: Financial performance overview
Financial performance overview Group (in €m) 2Q18 2Q17 Change, % Sales 142.5 115.6 23.3% EBITDA 23.3 17.2 35.4% EBITDA margin, % 16.3% 14.9% 1.5pp Net Profit from continued operations 2.8 -21.5 n.m. Net Profit from discontinued operations -3.7 -3.1 n.m. Group (in €m) 1H18 1H17 Change, % Sales 248.1
Slide 8: 2Q segmental performance overview
2Q segmental performance overview ICM Operations ICM Operations (in €m) 2Q18 2Q17 Change, % Sustained growth momentum Sales 116.4 94.7 22.9% in Europe & Africa EBITDA 15.7 11.5 37.0% EBITDA margin: EBITDA margin, % 13.5% 12.1% 1.4pp - Better cost absorption - Favorable sales mix Net Profit 1.2 -24.7
Slide 9: 1H segmental performance overview
1H segmental performance overview ICM Operations ICM Operations (in €m) 1H18 1H17 Change, % Higher sales in Europe and Sales 197.6 164.8 19.9% Africa EBITDA 22.8 16.3 39.7% EBITDA margin: EBITDA margin, % 11.5% 9.9% 1.6pp - Incremental sales improved cost absorption Net Profit -3.1 -36.3 n.m. - Favo
Slide 10: Gross profit margin and opex over sales improvement
Gross profit margin and opex over sales improvement Gross Profit (in €m) Operating Expenses (in €m) 33 24 9 11 2Q17 2Q18 2Q17 2Q18 21.2% 22.6% Gross margin, % 8.2% 7.4% Opex/Sales, % 55 42 20 21 1H17 1H18 1H17 1H18 20.7% 22.1% Gross margin, % 9.6% 8.3% Opex/Sales, % Gross profit and Operating Expens
Slide 11: Strong cash flow generation
Strong cash flow generation Group (in €m) – Continuing Operations 1H18 1H17 Change EBITDA 36.4 26.7 9.6 Net Trade Working Capital Change -12.9 -2.4 -10.5 Capital Expenditure 7.1 4.5 2.6 Adjusted Free Cash Flow 18.5 6.2 12.3 Net Debt / LTM EBITDA 3.3x 8.8x Net Trade Working Capital – Inventory buil
Slide 12: Business Outlook
Business Outlook Second quarter 2018 results 12 6 August 2018
Slide 13: Business Outlook
Business Outlook ICM business – Sales growth in 2018 – Annualised sales growth to slow down; tough comparables in Q4 – Sustain growth momentum in Africa – Operational excellence – Procurement excellence – Productivity improvement – Efficiency enhancement Glass business – Underlying trend remains str
Slide 14: Q&A
Q&A 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
Slide 15: First-half summary financials
First-half summary financials* Group Sales EBITDA margin Adj. Free Cash Flow €248.1m 14.7% €18.5m in 1H18 +160bps y-o-y €6.2m in 1H17 Group Sales growth Reported Net Profit Net Debt / LTM EBITDA 21.8% y-o-y €0.6m 3.3x -€32.0m in 1H17 8.8x in 1H17 *From continuing operations Second quarter 2018 resul
Slide 16: Forward-looking statements
Forward-looking statements This presentation may contain forward-looking statements which are based on current expectations and assumptions about future events. All statements other than statements of historical fact included in this presentation, including, without limitation, statements regarding