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View Annual Report Frigoglass Annual report 2010 Interactive PDF User Guide Welcome to the Frigoglass annual report and accounts 2010. This interactive pdf allows you to easily access the information that you want, whether printing, searching for a specific item or going directly to another page, section or website. The different features are detailed below. Document controls Section navigation Use the document controls located in the top Use the links on the Contents page to navigate margin to navigate through this report. to the start of a statement. Use the Contents button to return to the contents. Search Section 1: Overview 1 Who we are 2 Highlights 4 Frigoglass in brief Print 6 How we work 8 Chairman’s statement 10 Managing Director’s review 12 Innovation Contents 14 Service 16 Glass Previous page Links Next page Throughout this report there are links to pages, other sections and web addresses for additional information. They are recognisable by the blue underline, simply click to go to the relevant page or web URL (www.frigoglass.com). www.frigoglass.com Annual report 2010 Sustainable innovation around the world Frigoglass Annual report 2010 Section 1: Overview Section 2: Business review Section 3: Management and governance 1 Who we are 18 Strategic overview 30 Board of Directors 2 Highlights 20 Performance review 31 Remuneration and compensation 4 Frigoglass in brief 20 Cool Operations 32 Corporate governance 6 How we work 22 Operating review 34 Shareholder information 8 Chairman’s statement 22 Western Europe 36 Contact information 10 Managing Director’s review 23 Eastern Europe 37 Financial statements (on CD) 12 Innovation 24 Asia Pacific 14 Service 25 North America 16 Glass 26 Africa/Middle East 27 Glass Operations 28 Corporate social responsibility 29 Financial risk management Pg21 Pg27 Frigoglass Annual report 2010 01 Section 1 Overview Who we are Frigoglass is the leading player in the global Frigoglass aims to provide superior, bespoke Ice-Cold Merchandisers (Beverage Coolers) solutions in beverage refrigeration which market and is the largest glass bottle are proven to drive cold drink sales, whilst producer in West Africa, meeting the needs at the same time promoting sustainable of beverage companies. development in its operations in order to minimise the impact on the environment. Today Frigoglass is the largest and most In this context, Frigoglass is leading the geographically diverse company in the Ice- industry in research and development, and has Cold Merchandising (ICM) market. Production recently launched Ecocool, the world’s first hubs are located in Romania, Russia, Greece, complete range of environmentally friendlier Turkey, India, China, Indonesia, South Africa, ICMs that consume substantially less energy Nigeria, and most recently in the USA. and use natural substances as refrigerants. Stand-alone sales offices operate in Poland, Norway, Ireland, Kenya, the Philippines, Frigoglass’s Glass Operations, located in Germany, France, Malaysia and Australia, Nigeria, represents one of Africa’s largest complemented by an extensive network glass bottle producers, with a capacity that of sales representatives and distributors. encompasses two plants and three furnaces. Glass Operations provides soft drink and beer The customer base includes Coca-Cola companies with a complete packaging solution. Company bottlers (Coca-Cola Hellenic, the Bottling Investments Group, Coca-Cola Enterprises, Coca-Cola Amatil, Coca-Cola Sabco and many others), major brewers (AB InBev, SABMiller, Carlsberg, Heineken, Diageo, Efes and others), Pepsi bottlers, dairy companies (Nestlé, Danone). Frigoglass Annual report 2010 02 Section 1 Overview Highlights Financial • Revenue increased by 31.9%, to €457.2 • EBITDA grew by 39.1%, with the respective million, driven by a 37% top-line growth margin improving by 80 bps as the benefits at Cool Operations to €375.2 million. of positive operating leverage were partly Glass Operations maintained its positive offset by the dilutive start-up impact of the momentum with an increase of 12.7%, US operations (90 bps margin dilution). reaching €82.0 million. • Strong trading led to a 68% increase in cash • Gross profit growth was ahead of revenue, generated from operations before working with the respective margin expanding by capital movements to €62.6 million. 230 bps to 23.4% as a result of strong operating leverage, driven by increased • Net debt to EBITDA decreased to 2.3x, sales and effective cost management. compared to 3.1x at the end of 2009. Sales €m EBITDA €m Net profit €m 2010 457.2 2010 74.2 2010 20.5 † 2009 53.4 2009 8.5 2009 346.7 2009 3.0 2008* 88.4 2008 500.7 2008* 37.0 2008 85.5 2008 19.5 2007 466.1 2007 90.6 2007 45.5 2006 410.8 2006 80.3 2006 38.5 ** Change Change Change 31.9% vs 2009 39.1% vs 2009 140.5% vs 2009 * Comparable FY08 EBITDA: excluding restructuring charges * Comparable FY08 net profit: excluding restructuring charges and capital gains ** Based on comparable figures † Comparable FY09 net profit: excluding one-off Special Contribution Tax Frigoglass Annual report 2010 03 Section 1 Overview Operational • Maintained leading global position in the • Launched 45 new products. Ice-Cold Merchandisers (Beverage Coolers) market. • Won industry accolades for our achievements in sustainability. • Continued positive trends in emerging markets and signs of recovery in Europe. • The integration of Frigoglass North America progressed in line with expectations. • Acceleration in all customer segments, with the highest growth in “all other” • The positive momentum in Glass Operations segments that includes dairy, juice, energy, was maintained. tea and water, that is critical in customer base expansion. • Capex was €30.6 million, with €15.8 million directed towards Cool Operations for • Ecocool accounted for 25% of European machinery and equipment, and the remainder sales, delivering sustainable environmentally directed towards Glass Operations. friendlier solutions to our customers. Frigoglass received an award at the Frigoglass was short-listed together Heineken International with nine other European companies for the Purchasing Conference in European Business Awards for the Environment 2010. The Netherlands, for its valuable The 10 finalists were chosen from 141 entries from contribution to Heineken’s 24 EU and candidate countries. The prizes were awarded to Sustainability programme European companies that have made outstanding “Brewing a contributions to sustainable development. In being nominated in Frigoglass was selected for Better Future.” a prestigious Ruban d’Honneur in round two of the European the Product Award for Sustainable Business Awards. Development category, The Ruban d’Honneur Award Frigoglass has been distinguished amongst the recognises businesses which demonstrate top three companies in Europe for sustainable exceptional performance within their sector. products for its Ecocool range. Frigoglass was a finalist for the award for the Innovation category. Change 140.5% vs 2009 Frigoglass Annual report 2010 04 Section 1 Overview Frigoglass in brief Cool Operations Our core businesses Our global North America presence see page 25 Cool Operations (ICM) Production plant: Global presence USA 82%of consolidated sales ICMs stimulate the merchandising and selling of ice-cold drinks. They are an integral part of beverage companies’ strategy towards on-trade drink consumption. Glass Operations USA Regional/Africa 18%of consolidated sales Manufacture of glass containers and jars for the beverage, pharmaceutical and cosmetic companies. Metal crowns and plastic crates complement the glass packaging solution offering. Consolidated Revenue Breakdown Consolidated revenue by customer segment % Consolidated revenue by geography % Coca-Cola bottlers 30.3 Western Europe 15.8 Coca-Cola Hellenic 22.2 Eastern Europe 28.7 Breweries 24.1 Asia Pacific 19.4 All other 23.4 Africa/Middle East 34.5 North America 1.6 Frigoglass Annual report 2010 05 Section 1 Overview Cool Operations Cool Operations Cool Operations Cool Operations Glass Operations Western Europe Eastern Europe Asia Pacific Africa/Middle East Africa see page 22 see page 23 see page 24 see page 26 see page 27 Production plant: Production plants: Production plants: Production plants: Production plant: Greece Russia, Romania, Turkey India, Indonesia, China Nigeria, South Africa Nigeria Sales offices: Sales office: Sales offices: Sales office: France, Germany, Ireland, Poland Malaysia, Philippines, Kenya Norway Australia Norway Ireland Germany Russia Poland Turkey Romania China France India Philippines Nigeria Greece Nigeria Indonesia Kenya Malaysia South Africa Australia Frigoglass Annual report 2010 06 Section 1 Overview How we work Our business model Our strategies are customer-centric. In putting the customer first we focus on the three pillars of Quality, Innovation and Sustainability. Quality across our product range and services at the highest level is secured through raw material scrutiny, supplier development, Quality training, as well as integrated quality assurance systems. As part of the continuous improvement cycle, opportunities to further enhance quality are identified and pursued. Putting the customer first Innovation and the design of bespoke solutions for our customers appropriate for each trade channel not only creates cold drink availability but also stimulates Innovation Sustainability on-trade sales. Sustainability is fully integrated into our corporate strategy and is based upon carrying out our business with respect for
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