Vidrala FY2014 Results

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  • 2014 RESULTS PRESENTATION

    20 FEBRUARY 2015

    100%45,045,546,046,547,047,548,048,549,010,012,014,016,018,020,046,047,048,049,050,051,052,053,054,0

  • 2014 KEY FIGURES

    2

    EUR in millions 2014 Change (yoy)

    Sales 468.4 -1.0%

    Operating income 69.6 -3.9%

    Net income 51.6 -1.3%

    EPS (EUR/share) 2.08 -1.0%

    Free cash flow 72.3 +27.5%

    Debt 67.9 -42.4%

  • EPS (EARNINGS PER SHARE)

    ADJUSTED, SINCE 2004

    EUR/SHARE

    3

    2.08

    0,00

    0,50

    1,00

    1,50

    2,00

    2,50

    2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

  • SALES

    ANNUAL ACCUMULATED SINCE 2010

    EUR in millions

    405.9 433.3

    456.9 472.9 468.4

    0

    50

    100

    150

    200

    250

    300

    350

    400

    450

    500

    2010 2011 2012 2013 2014

    4

  • SALES

    HALF YEAR FIGURES SINCE 2012

    EUR in millions

    235.0 221.9

    245.8 227.2

    240.4 227.9

    0

    50

    100

    150

    200

    250

    300

    H1 H2

    2012 2013 2014

    yoy

    -2.2% yoy

    +0.3%

    5

  • OPERATING PROFIT (EBIT)

    ANNUAL ACCUMULATED SINCE 2010

    EUR in millions

    62.9 61.0 65.3

    72.4 69.6

    0

    10

    20

    30

    40

    50

    60

    70

    2010 2011 2012 2013 2014 6

  • OPERATING MARGIN (EBIT)

    FIGURES SINCE 2005

    EBIT as a percentage of sales

    14.9%

    0%

    2%

    4%

    6%

    8%

    10%

    12%

    14%

    16%

    2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

    7

  • 65.3 72.4 69.6 70.9

    83.6 77.9

    2012 2013 2014

    EBIT EBITDA after CAPEX

    OPERATING PROFILE

    EBIT and EBITDA after Capex SINCE 2012

    EUR in millions and as a percentage of sales

    15.5% 17.7% (% of sales) 14.3% 14.9% 16.6% 15.3%

    8

  • CASH PROFILE

    CASH GENERATION IN 2014

    EUR in millions and as a percentage of sales

    WORKING CAPITAL

    INTERESTS

    &

    TAXES

    CAPEX

    23.2%

    -2.1%

    -6.5%

    12.0%

    EBITDA

    2014

    FREE CASH FLOW

    2014

    108.5

    72.3

    15.4%

    +0.9%

    9

  • CASH ALLOCATION

    2014

    EUR in millions

    (16.2)

    DIVIDEND

    PAYMENT (6.1)

    SHARE

    BUYBACKS

    (50.0)

    DEBT

    REDUCTION

    NET

    INCOME

    FREE

    CASH

    FLOW

    10

    NET

    INCOME

    FREE

    CASH

    FLOW

    51.6

    72.3

  • FINANCIAL PROFILE

    DEBT AND EQUITY, SINCE 2009 AT YEAR END

    EUR in millions

    DEBT/EBITDA 2.9x 2.2x 1.9x 1.5x 1.0x 0.6x

    GEARING 102% 76% 61% 47% 31% 17%

    11

    257.0

    218.9 189.3

    159.6

    117.9

    67.9

    252.0

    287.0 311.8

    338.5

    374.5 404.5

    0

    50

    100

    150

    200

    250

    300

    350

    400

    DEC 2009 DEC 2010 DEC 2011 DEC 2012 DEC 2013 DEC 2014

    DEBT SHAREHOLDERS' EQUITY

  • ROCE* * EBIT after taxes for the year/capital employed for the year

    SINCE 2009

    12

    11.5%

    0,0%

    2,0%

    4,0%

    6,0%

    8,0%

    10,0%

    12,0%

    14,0%

    2009 2010 2011 2012 2013 2014

  • DERRYLIN

    County Fermanagh,Northern Ireland, UK

    Built in 1998

    Unique glass packaging plant in Ireland

    ELTON

    County Chesire , England, UK

    Built in 2005

    Largest glass packaging plant in Europe

    Includes filling and logistics facilities

    13

    Appendix

    ACQUISITION OF ENCIRC

  • Appendix

    PROFORMA 2014 FINANCIAL STATEMENTS

    14

    2014A 2014A 2014A PROFORMA

    2014 Currency EUR GBP EUR* EUR

    TURNOVER 468,8 245,5 304,5 773,3

    Net sales 468,4 238,4 295,7 764,1

    Other income 0,4 7,1 8,8 9,3

    EBITDA 108,5 45,9 56,9 165,4

    EBITDA margin** 23,2% 19,2% 19,2% 21,6%

    EBIT 69,6 21,2 26,2 95,8

    EBIT margin** 14,9% 8,9% 8,9% 12,4%

    * EUR/GBP: 0.8062

    ** EBITDA and EBIT margins as a percentage of net sales

    Encirc figures are pre-audited pending of reconciliation from UK GAAP to IFRS. Theses figures exclude certain items

    management considers not representative of ongoing operations.

  • Iberia

    54%

    Italy

    12%

    Rest of

    continental

    Europe

    34%

    Iberia

    35%

    UK&Ireland

    35%

    Italy

    8%

    Rest of

    continental Europe

    22%

    2014 SALES BY GEOGRAPHY

    +

    +

    UK

    77%

    Ireland

    23%

    15

    Appendix

  • Q&A