Frigoglass (Results 4Q/FY 2014)... announced an improved set of operating results - |

Frigoglass (Results 4Q/FY 2014)… announced an improved set of operating results

13.03.2015 09:32

Frigoglass (Results 4Q/FY 2014): Manos Chatzidakis


Frigoglass announced an improved set of operating results in Q4 (+84%) and a net loss of €6.2 million compared to the adjusted net loss (adjusted for restructuring charges) of €15.4 million in 4Q13.  In specifics:


¡  Fourth quarter consolidated sales were marginally higher year-on-year at €127.5 million. Glass business had a strong year, with sales growth accelerating every single quarter. In Q4, sales in Glass grew 34% year-on-year. In contrast, Cool Operations’ sales were 10% lower year-on-year in the quarter, mainly driven by reduced sales in Russia due to challenging market conditions. The 15% sales decline in the full-year was mainly driven by the economic conditions in Russia and Ukraine, the fire incident in India, the discontinuation of loss-making sales in the US and the impact of the strike in South Africa.

¡  Gross profit (excl. depreciation) increased by 25% to €29.9 million in the quarter, resulting in a gross margin improvement of 450 basis points year-on-year to 23.5%. Fourth quarter EBITDA increased to €20.5 million, from €11.1 million in 4Q13, with the respective margin substantially improving to 16.1%. EBITDA margin was positively impacted by a €3.1 million insurance reimbursement of the business interruption following the Indian fire incident in April. For the full-year, we improved our EBITDA margin by 70 bps to 12.9%, despite lower year-on-year sales.

¡  Operating Profit (EBIT) improved to €11.9 million in the quarter, from €2.7 million last year, despite a 3% year-on-year increase in depreciation charges to €8.6 million. Net finance costs were €10.1 million, up 4% year-on-year driven by higher foreign exchange losses mainly due to the sharp devaluation of the Russian ruble, more than offsetting the benefits from lower average debt year-on-year and a modest reduction in the effective interest rate for the quarter. Net loss settled in Q4 at €6.2 million, compared to the adjusted net loss (adjusted for restructuring charges) of €15.4 million in 4Q13.

¡  Fourth quarter capital expenditure was €10.2 million, compared to €12.4m. Capex for the full-year was €28.7 million, compared to €24.9 million in 2013, reflecting investments on technology and innovation. Net trade working capital declined by 11% year-on-year to €125.3 million mainly on reduced inventory levels. Free cash flow reached €22.5 million at December-end 2014, an improvement of €6.1m versus last year, driven by lower working capital requirements. Net debt of €234.3 million was unchanged compared to the end of 2013.


FRIGOGLASS 2013 2014 Y-o-Y 2013 2014 Y-o-Y
EUR thous. FY FY (%) 4Q 4Q (%)
Sales 522.508 487.046 -6,8% 126.837 127.516 0,5%
EBITDA 63.901 62.965 -1,5% 11.082 20.494 84,9%
EBITDA Mrg 12,2%  12,9%  +70 bps  8,7%  16,1%  +733 bps 
Net Income -30.766 -56.502 -83,7% -32.417 -6.213 80,8%
Net Mrg -5,9%  -11,6%  -571 bps  -25,6%  -4,9%  +2.069 bps 



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