CORPORATE PRESENTATION

Transcription

1 May 2015 JANUARY 2013 I1

2 THRACE GROUP I WHO WE ARE I2

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4 Converting 100k tons PP per year Operations in 11 countries 28 different production technologies 52% production is in Greece 17% sales in Greece Sales network in 80 countries Sales in 24 market segments FY 2014 Group Sales 293 mil FY 2014 CAPEX 13 mil 1,663 employees I4

5 THRACE GROUP I DIVERSIFICATION Sales BU Contribution 38% Technical Fabrics 62% Packaging Sales Geographical Breakdown 17% 3% Greece 17% EU excl. Greece, UK Rest of Europe 19% 35% 9% UK America Asia Africa Oceania Production Geographical Breakdown 13% Greece 11% UK 52% 24% S-E Europe America I5

6 THRACE GROUP I KNOW HOW 28 different production technologies from processing to finishing Innovation I Vertical integration I Flexibility I Cost effectiveness TECHNICAL FABRICS DIVISION TECHNOLOGIES PACKAGING DIVISION TECHNOLOGIES I6

7 PACKAGING BUSINESS UNIT I PRODUCTS I7

8 TECHNICAL FABRICS BUSINESS UNIT I PRODUCTS ΒΥ APPLICATION GEOSYNTHETICS CONSTRUCTION AGRI/HORTICULTURE AQUACULTURE LANDSCAPEGARDENING SPORT & LEISURE MEDICAL & HYGIENE FILTRATION FURNITURE & BEDDING AUTOMOTIVE PACKAGING FABRICS ADVANCED FABRICS/ COMPOSITES FLOOR COVERING INDUSTRIAL FABRICS ARNO WEBBINGS/ STRAPS/ ROPES INDUSTRIAL YARNS & FIBERS I8

9 TECHNICAL FABRICS BUSINESS UNIT I INDICATIVE KEY PROJECTS Changi Singapore Airport Kolkata Airport, India Liverpool (John Lennon) Airport, UK Chicago O Hare Airport, USA Khasab Port Extension Project, Oman Palma de Mallorca Airport, Spain Terminal 5, London Heathrow Airport, UK Palm Jumeirah, Dubai, United Arab Emirates Ionian Motorway, Greece Athens Underground Metro, Greece Landfill in NW Thessaloniki, Greece E65 Motorway, Greece High Speed Railway UTE-AVE, Cornella, Spain Main Road Embankment, Shenzhen, China New International Airport, Dubai, United Arab Emirates. I9

10 TECHNICAL FABRICS BUSINESS UNIT I OVERVIEW Sales Breakdown Rest of Europe 4% Production Breakdown Asia Africa & Other 2% Oceania Greece 4% 3% America; 18% Greece, 48% America 26% Other European Union 34% UK; 34% UK 27% Key P & L Items * (amounts in 000) Sales FY 2011 FY 2012 FY 2013 FY 2014 Q Q % -3.0% 14.6% % 11.0% 5.8% 7.5% 6.1% 11.5% y-o-y Change % EBITDA EBITDA Margin 11.4% * Results consolidate proportionally the JVs I 10

11 TECHNICAL FABRICS BUSINESS UNIT I COMPETITION I 11

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13 PACKAGING BUSINESS UNIT I PRODUCTS FIBC/FILLING SOLUTIONS BAGS/FFS FILMS PALLET COVERING/ PACKAGING FILM CONTAINER LINERS/ CARGO PROTECTION FABRICS INJECTION/BUCKETS/ PAILS/CONTAINERS THERMOFORMING CUPS EPS CONTAINERS & TRAYS CRATES 5 GAL BOTTLES & CAPS BAG IN BOX GARBAGE BAGS ROPES & TWINES I 13

14 PACKAGING BUSINESS UNIT I KEY CUSTOMERS I 14

15 PACKAGING BUSINESS UNIT I OVERVIEW Sales Breakdown Production Breakdown Asia Africa & Other; 1% UK; 4% Rest of Europe; 17% S-E Europe; 40% Greece; 39% Other European Union; 23% Key P & L Items * (amounts in 000) Sales Greece; 60% S-E Europe; 15% FY 2011 FY 2012 FY 2013 FY 2014 Q Q % 2.7% 3.6% y-o-y Change % 3.1% EBITDA EBITDA Margin 6.6% 5.5% 9.5% 10.4% 11.4% 12.1% * Results consolidate proportionally the JVs I 15

16 PACKAGING BUSINESS UNIT I COMPETITION I 16

17 Statutory Financial Statements: The change of standards with regard to the consolidation of joint ventures (IFRS 10, 11 and 12) resulted into the change of the consolidation method. IFRS 11 abolishes the concept of the proportional consolidation of the jointly controlled entities. Instead, the jointly controlled entities are now consolidated with the Equity method. I 17

18 FINANCIALS I FY 2014 KEY P&L FIGURES (STATUTORY) P&L amounts in thousand Euros Turnover Gross Profit EBIT EBITDA Adjusted EBITDA* EBT EAT&MI Improved Group Financial Performance driven by: 278,182 51,313 14,658 23,518 21,894 10,088 6, ,216 44,014 8,830 17,722 17,722 6,003 2,486 Increased sales mainly due to strong demand of TF BU in Europe and in the US, 18.4% 5.3% 8.5% 7.9% 3.6% 2.3% 17.5% 3.5% 7.1% 7.1% 2.4% 1.0% FCF ,223 (9,642) (11,767) 32,879 10,118 (5,628) (8,075) 41,622 6,906 8,933 9,0% ,5% 8,5% 200 8,0% 150 7,5% Cash Flows Cash Flows from Operations Cash Flows from Investments Cash Flows from Financial Activities Cash & Cash Equivalents Improved product mix in both sectors 300 Margins (%) Gross Profit Margin EBIT Margin EBITDA Margin Adjusted EBITDA Margin* EBT Margin EAT&MI Margin Effective control of fixed costs mainly due to higher production volumes, and 7,1% 7,0% ,5% 6,0% 2013 Sales EBITDA 2014 EBITDA Margin *Excluding FX Differences of 1,165 and profit from the sale of assets of 459 I 18

19 FINANCIALS I FY 2014 KEY BALANCE SHEET ITEMS (STATUTORY) B/S amounts in thousand Euros Non Current Assets Current Assets Total Assets Debt Cash & Cash Equivalents Net Debt Equity , , ,922 87, , ,587 65,658 32,879 32,779 73,061 41,622 31, , , % % 5.9% 7.7% 12.5% % 2.2% 3.7% 30 4,333 7, ,834 8,800 4,034 2,0 1, , ,6 1,2 0,8 0,4 5 Working Capital Avg Inventories Days Avg Trade Receivables Days Avg Suppliers Days 2014 amounts in thousand Euros Maintenance Market Growth Cost Saving Health & Safety Total CAPEX 2014 out of which: CAPEX of Greek Subsidiaries CAPEX of subsidiaries abroad 35 Key Ratios Net Debt/Sales Net Debt/EBITDA EV/EBITDA ROCE ROE ROIC CAPEX 2013 Net Debt 2014 EBITDA 0,0 Net Debt/EBITDA I 19

20 FINANCIALS I Q (STATUTORY) Q Q Δ% TURNOVER 66,572 62, % GROSS PROFIT 14,404 11, % EBITDA 7,845 4, % EAT & MI 2,680 1, % 32, % (Estimate) NET DEBT NET DEBT / EBITDA 35,746 (Net Debt ) 1.14 (Net Debt / Annualized EBITDA) (As Published) (Net Debt ) 1.39 (Net Debt / EBITDA) I 20

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22 THRACE GROUP I SALES DEVELOPMENT yrs CAGR: 4,4% Turnover (EUR m) * 5 yrs CAGR: 8,2% Financial Crisis Profitable and cash generating growth The Group was already a multinational company but with the foundations of a family-owned business * Turnover consolidates proportionally the JVs Building the foundations (people & systems) to support operations and future growth Divesting from loss-making business and business that did not fit into the strategic objectives I 22

23 THRACE GROUP I FROM FOCUS ON DEBT TO FOCUS ON GROWTH Net Debt / EBITDA (x) Net Debt (EUR m) CAPEX (EUR m) CAPEX / Depreciation 70 3,5 16,0 1,8 60 3,0 14,0 1,6 50 2,5 12,0 1,4 40 2,0 30 1,5 20 1,0 10 0,5 2,0 0,0 0, Net Debt EBITDA ,0 8,0 0,8 6,0 0,6 4,0 0,4 0,2 0, Net Debt/EBITDA Net Debt Reduction of more than 33m since ,2 10, CAPEX Depreciation CAPEX/Depreciation CAPEX of more than 30m for 2015 (orders already placed) Limited investments due to the global economic uncertainty CAPEX for is expected to exceed depreciation Strong performance and Cash flows enabled reduction in Net Debt Net Debt and Cash position allows to implement Group s investment plan Net Debt / EBITDA below 2x since 2012 special attention is given to this KPI Net Debt / EBITDA to continue not to exceed 2x for the period I 23

24 THRACE GROUP I STRATEGY OVERVIEW Profitable Growth Market-driven Organic growth Value Capture (increase margins) Increase Capacity Further reduce production cost Geographical expansion Improvement of Product Mix (shift of sales to the high margin products) Focus on two major growth markets: Development of new high margin products Nonwovens (spunbond & needlepunch) Going downstream to the production chain Expand the Rigid Packaging in SE Europe Development of Branded Consumer products Investment Plan Product Development Plan Process Improvement Plan Increased R&D Enhance Innovation I 24

25 THRACE GROUP I VISION OUR VISION Το be the most valuable partner for our customers and suppliers and to consistently increase shareholders o ensuring a prosperous value while future for all individuals working in the THRACE GROUP I 25

26 THRACE GROUP I CORPORATE GOVERNANCE BOARD OF DIRECTORS Constantinos Chalioris: Theodosios Kolyvas: George Braimis: Dimitris Malamos: Vassilis Zairopoulos: Stephen Duffy: Christos Chiatis: Petros Fronistas: Constantinos Gianniris: Ioannis Apostolakos: Chairman & CEO Executive Vice-Chairman Executive Member Executive Member Non-Executive Member Non-Executive Member Independent Non-Executive Member Independent Non-Executive Member Independent Non-Executive Member Independent Non-Executive Member AUDIT COMMITTEE Christos Chiatis: Independent Non-Executive Member, Chairman of the Committee Constantinos Gianniris: Independent Non-Executive Board Member Ioannis Apostolakos: Independent Non-Executive Board Member The Company, in compliance with the provisions and regulations of Law, compiled and applies its own Corporate Governance Code, the text and the content of which are generally available to the website of the Company I 26

27 DISCLAIMER This material was produced and distributed by Thrace Plastics Co S.A. Information contained herein have been compiled or arrived at by Thrace Plastics Co S.A. solely for your information, and, accordingly, neither Thrace Plastics Co S.A. nor its affiliates accepts liability for any loss arising from the use thereof or makes any representation or warrants, express or implied, as to its accuracy or completeness. Nothing in this material shall constitute advice or recommendation by Thrace Plastics Co S.A. and its affiliated. Nothing contained herein shall constitute an offer, a solicitation of an offer, or any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise) or any commitment on the part of Thrace Plastics Co S.A. to do so. Any indicative price quotations, disclosure materials or analyses provided to you in connection therewith have been prepared on assumptions and parameters that reflect good faith determinations by Thrace Plastics Co S.A. and do not constitute advice by us and therefore no guarantee is given as to the accuracy of the information enclosed. I 27

28 Thank you I 28