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PDF-Xchange 4.0 Examples Frigoglass Annual Report 2015 The Frigoglass Advantage www.frigoglass.com WorldReginfo - ccc5ac26-6c56-45a5-bac1-92eeb8883d20 Frigoglass Annual Report 2015 Contents Who we are 5 Chairman’s letter 7 CEO’s statement 8 2015 Financial highlights 10 Global presence 12 Strategic priorities 14 The Frigoglass Advantage 15 Integrated Services 24 Quality First 25 Cost Leadership 27 People 29 Sustainability 30 Business review 33 Corporate governance 38 Board of Directors 42 Remuneration 45 Financial risks 46 Shareholder information 48 3 WorldReginfo - ccc5ac26-6c56-45a5-bac1-92eeb8883d20 Frigoglass Annual Report 2015 The Frigoglass Advantage Who we are Frigoglass is a strategic partner to the world's leading beverage brands. We are the global leader in Ice Cold Merchandisers (ICM), providing our customers with a complete range of innovative merchandising solutions which uniquely position and promote their brands for consumers around the world. Frigoglass supplies Ice Cold Merchandisers (beverage coolers) to soft drinks and alcoholic beverage companies across five continents. Our market-leading products combined with our commitment for consistent, superior after-sales support, has allowed us to build and continuously develop long standing partnerships with our customers, which include leading beverage companies in the 100 countries that we serve globally. Our innovative coolers enhance our customers’ beverage branding at the point of sale and drive immediate consumption. In parallel to maximizing merchandising opportunities for our customers, we are committed to providing increasingly environmentally friendly product solutions which enable our customers to meet ambitious sustainability and carbon emission reduction targets. Frigoglass is also a leading supplier of glass packaging and related products to the high- growth markets of Africa and the Middle East. These markets present an attractive long-term investment opportunity for our customers and we remain committed to building on our strong customer relationships to capitalize on the opportunity in these markets to drive performance for our shareholders. 4 5 WorldReginfo - ccc5ac26-6c56-45a5-bac1-92eeb8883d20 Frigoglass Annual Report 2015 The Frigoglass Advantage Chairman’s letter Dear Stakeholder, brewery. In the soft drinks market, the These accomplishments would not have In 2015, we continued to navigate our formation of Coca-Cola European Partners been achieved without our firm commitment business in an increasingly challenging and the Coca-Cola Beverages Africa to the values that shape our way of doing business environment, affected by slower deal create two of the world’s largest business – integrity, shareholder value, global economic growth, intensifying independent Coca-Cola bottlers. Through quality, people, market leadership and social geopolitical instability and currency volatility. a solid manufacturing base in Europe and responsibility. These values continue to Africa, we are well positioned to grow our drive our actions as we impact shareholders, Against this backdrop, our commitment market share within the newly formed customers, people and society. and strong focus to provide our customers Coca-Cola bottlers in these territories. with innovative, value-adding products In closing and on behalf of the Board, and services for their business remained In our Glass business, the year was marked I would like to thank our shareholders unchanged. During the year we took many by the announcement of the agreement for their continued confidence, our steps to turn our Innovation vision into signed to divest our operations in Nigeria customers and suppliers for their ongoing reality. Leveraging on ICOOL’s success and Jebel Ali. The agreement was finally loyalty and support, and the people and learnings, we developed the new terminated, as the buyer did not secure of Frigoglass for their dedication and Smart range that combines merchandizing the necessary level of financing for the passionate commitment notwithstanding strength with sustainable cooling. We also acquisition. Our Board did not accept recent challenges. Since its beginning, launched our benchmark-setting Digital amended offers made by the buyer as they Frigoglass has grown considerably but most Services applied on our technically excellent, were not in the best interest of Frigoglass. importantly has managed to overcome connected coolers, which optimize lifetime While we terminated the transaction, we are many challenges over the years. We will costs and create unparalleled customer very pleased to retain the Glass Operations again turn the challenges into opportunities value. We also received positive feedback on and we remain the leading glass container and will become even stronger. our Integrated Service offering that provides supplier in West Africa. customers with holistic, value-creating Haralambos (Harry) G. David service solutions. In March 2015, Alexandra Papalexopoulou Chairman decided to step down from our Board. In our Cool business, we stayed ahead of I would like to thank her for the industry innovation developments and commitment and valuable contribution helped our customers meet their channel- during her tenure on the Board. I also specific merchandizing needs. 2015 was want to extend a warm welcome to our marked by double-digit sales growth with new member, Ioannis Costopoulos, who Coca-Cola bottlers. This solid performance joined the Board during the year and is a strong testament of ICOOL’s success, brings first-hand experience on running with more than 50,000 cooler placements international businesses. in the market, representing more than 20% of their total orders in 2015. In a During the year we were pleased to difficult trading environment in some of our announce Nikos Mamoulis as an internal markets, customer investments evolved succession in the CEO position. His 25 years below expectations, resulting in an overall of experience in a variety of industries contraction of our sales. including the beverage sector, his strong leadership profile, underpinned by his During 2015, the customer landscape exceptional passion and drive for results, significantly changed, marked by intense made him the ideal candidate to lead merger and acquisition activities. Among Frigoglass to a great future. the most important was the announcement of the acquisition of SABMiller by ABInBev visioning the world’s first truly global 6 7 WorldReginfo - ccc5ac26-6c56-45a5-bac1-92eeb8883d20 Frigoglass Annual Report 2015 The Frigoglass Advantage CEO’s statement Our focus in 2015 was on continuing building a robust, scalable business, driven Glass business I would like to extend my appreciation for Although 2016 will be a challenging year, In 2014, we initiated a process to evaluate all their hard work throughout the year. the long-term outlook for both our Cooler primarily by innovation. We made significant progress during the year across our strategic options for our Glass Operations I would also like to thank the Board for and Glass businesses is attractive. We that resulted in an agreement to sell the their support and guidance during this are well equipped with the right product product and service offering against a volatile market backdrop. business. This agreement was announced transformation period and especially in and service offering, right talent and an in May 2015. After a prolonged process, relation to the Glass business. increasingly efficient cost base to improve During 2015, the Frigoglass team built on 2015 Highlights In November 2015, we participated at the the buyer did not secure the necessary our financial performance. the success of last year’s launch of the In 2015, the global economic environment Brau Beviale 2015 tradeshow, where we level of financing for the acquisition and, Outlook ICOOL range, setting a new benchmark remained volatile, with some of our key showcased our market leading innovation consequently, we terminated the sales The past number of years have been Finally, sustainability remains a key pillar for innovation in the Cooler industry. The markets such as Russia and Nigeria falling and clearly demonstrated the Frigoglass agreement in February 2016. challenging for Frigoglass. Throughout this and has always been in the center of our range has been received with excitement into deep recession or slowing down Advantage. Our unique booth was designed period, we have continued to transform the strategy. We are dedicated to supporting by Coca-Cola bottlers and has been a key materially. This environment continued to to present the broad range of Frigoglass During 2015, our Glass Operations’ sales business to become increasingly efficient our customers towards their strong contributing factor to the double-digit adversely affect our top-line. core product themes of Innovative declined by 7%, reflecting a difficult trading and to drive innovation, enabling us to environmental commitments. growth with this customer group. We also Merchandising, Sustainable Cooling, environment in Nigeria. The erosion of create value-adding product solutions for successfully rolled-out our Integrated Cool business Digital Services and Technical Excellence. consumer disposable income due to falling our customers. Nikos Mamoulis Service offering, launched our Smart Frigoglass’ innovation leadership in the Our presence was a great success and we global oil prices, currency pressures and Chief Executive Officer Cooler range and Digital Services. These Cooler industry contributed to solid sales experienced
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