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Presentation to the Financial Community Montreal and Toronto, Canada

Presentation to the Financial Community Montreal and Toronto, Canada. January 18 & 20, 2005. Contents. 3. F.G. Europe at a Glance. 4. F.G. Europe’s History. Business Lines, Market Positioning and Strategic Outlook. 6. 22. CAPEX and W/C. 23. Financial Review . Share Data.

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Presentation to the Financial Community Montreal and Toronto, Canada

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  1. Presentation to the Financial Community Montreal and Toronto, Canada January 18 & 20, 2005

  2. Contents 3 F.G. Europe at a Glance 4 F.G. Europe’s History Business Lines, Market Positioning and Strategic Outlook 6 22 CAPEX and W/C 23 Financial Review Share Data 28 32 Dividend Policy Corporate Governance 33 Main Points 34

  3. F.G. Europe at a Glance • 3 Main Business Lines: • Air Conditioners, • White Electrical Goods and • Mobile Telephony Headquarters in Athens, Greece • European Orientation: • Greece • Italy, France, Germany, Czech Rep. • Serbia & Montenegro, Bulgaria, • Romania, Albania, Bosnia, FYROM • Revenues Y2004: 208 mil. € • (202 mil. € in Y2003) Warehouses in Piraeus, Greece • Market leader in Greek A/C market • Strong presence in Italy and upcoming player in South East Europe • Exclusive representation of world class brands like Fujitsu and own brands with high brand awareness for good quality

  4. F.G. Europe’s History Exclusive distribution agreement for Greece with Fujitsu General Ltd. Renewed 1999 until 2009 Exclusive distribution agreement for Italy with Fujitsu General Ltd. until 2009 IPO listing on the Athens Stock Exchange 1968 1988 1999 1958 1973 1997 23rd Greek Manufacturer with over 23% market share Foundation of Viometal Eskimo S.A. Master dealer of TIM. Renewed 2000 sine die

  5. F.G. Europe’s History Exclusive distribution agreement for plasma TVs and monitors for Italy with Fujitsu General Ltd. until 2015 Exclusive distribution agreement for South East Europe with Fujitsu General Ltd. until 2011 2001 2005 2003 Merger between F.G. Europe S.A. and Eskimo S.A.

  6. Air Conditioners Business Line Brand names Own brands Exclusive Distribution

  7. Air Conditioners Business Line • Over 17 years of excellent relationships with customers • Over 1,200 sales points in Greece • Over 250 sales points in Italy • Over 20 selected wholesalers in South East Europe • Ecologically friendly products with Refrigerant: R- 410a, R- 407c • 15.5% market share in split units and 5% in light commercial systems F.G. Europe’s Distribution Channels for A/Cs Greece Subsidiaries Retail stores & Installers Italy F.G. Europe Wholesaler South East Europe

  8. Air Conditioners: Sales Air Conditioners Revenues Product mix in 2003 vs. 2004 in Mil. €

  9. A/Cs: Exports & Market Shares Sales country mix in 2004 Market shares in Greece (light commercial systems) Market shares in Greece (split units)

  10. Air Conditioners: European Markets Italy: 3.5% South East Europe:17.6% Greece: 15.5%* *source: ICAP Company estimates on European AC Sales

  11. Air Conditioners: European Markets ROMANIA • FG Italia Spa Dolo BOSNIA HERZEGOVINA • Livorno Warehouse SERBIA MONTENEGRO BULGARIA ITALIA FYROM ALBANIA • Thessalonica Warehouse GREECE Main Warehouse

  12. Growth Drivers: Air Conditioners • Leading market positionand innovative productportfolio • World known brand names Greek Market: • Product portfolio in line with market trends of increased demand for low cost high reliability appliances • Organic growth potential in South Eastern Europe • Increased export orientation Other Markets: • Own brand names without territory restraints • World known brand names

  13. White Electrical Goods Business Line Own brand Exclusive Distribution Manufacturing Partners

  14. White Electrical Goods: Sales White Electrical Goods Revenues Product mix in 2003 vs. 2004 in Th. € Market Shares in 2003

  15. White Electrical Goods: Growth Drivers • Strategic cooperation with leading world class manufacturers • Innovative product portfolio enhanced with appliances with low penetration in the population Greek Market: • Own brand name with 94% brand awareness among the Greek population • Over 1,000 sales points in Greece • Organic Growth through use of existing strong distribution channels of A/Cs South East Europe: • Leverage on best value for money

  16. White Electrical Goods: Penetration Penetration in Southern Europe Source: Merloni data

  17. Mobile Telephony Business Line Own brand

  18. Mobile Telephony Business Line • Master dealer of in all mobile products for the last 8 years • 50,000 mobile telephony subscriptions • 50 resellers all over Greece • Wholesale of prepaid scratch cards for the last 3 years: • 20 resellers all over Greece • Strong and expanding market position: Increase in market share from 17% to 21% in 2004

  19. Mobile Telephony: Sales Mobile Telephony Revenues Mobile Telephony Market Shares in 2004 • Annual Market Volume for prepaid scratch cards in Greece was € 720 mil. in 2003 (Providers estimates) • Penetration 85% of total population (9.31 mil. Users of which 65% use prepaid services) Source: Vodafone and Company estimates

  20. New Strategic Business Line Plasma TVs • Exclusive distribution of Fujitsu General, Ltd. for Greece, Italy and South Eastern Europe • Introduction on all markets of OEM manufactured plasma TVs under own brand name Exclusive Distribution Own brand

  21. Business Line: Plasma TVs Expected Development for Large Displays (Plasma & LCD >40’’) in EMEA Quantity in Units

  22. CAPEX and W/C

  23. Key Financial Figures:Revenues Consolidated Revenues 208.1 185.7 112.2 88.6 *Pro forma audited Consolidated Financial Statements of Eskimo S.A. and F.G. Europe S.A. for the years 2001 and 2002 **Restated

  24. Key Financial Figures: P&L Management culture/orientationtowards shareholders value creation *Pro forma audited Consolidated Financial Statements of Eskimo S.A. and F.G. Europe S.A. for the years 2001 and 2002 **Restated

  25. Key Financial Ratios: P&L Creation of Shareholder value through expenses and interest cost reduction

  26. Key Financial Figures: Balance Sheet Balance Sheet structure improved ¹ Pro forma audited Consolidated Financial Statements of Eskimo S.A. and F.G. Europe S.A. for the years 2001 and 2002

  27. Other Key Ratios Improved operating management: Continuously reducing collection and inventory turnover period

  28. Shareholders Structure 53,187,840 common shares outstanding @ 0.30 € par Free float >46% with over 13,000 individual Stockholders

  29. The F.G. Europe Share • Last Closing: € 3.42 (January 12, 2005) • Market Capitalization > 181.9 mil. €

  30. Share Information • Indices: ATG, FTSE-40, Wholesale Index, MSCI Small Cap Greece, Eurobank Mid-Cap Private Sector 50 • Trading Symbols:ΕΣΚ (ASE),ESC GA (Bloomberg), ESKR.AT (Reuters), FGE.STU (Boerse Stuttgart), ISIN GRS083003012

  31. Listed Convertible Bond

  32. Dividend Policy • Our policy is to distribute satisfactory dividend given that the results and operating cash flow allow it • For the fiscal year 2004 there are two options one is to buy back shares or to distribute dividends. For the fiscal year 2004 the Board of Directors intends to propose to the Extraordinary General Assembly of Shareholders in February 8, 2005 instead of dividend distribution a share buy back program.

  33. Corporate Governance • Board of Directors consists of 5 executive and 4 non-executive and independent Members (Audit committee) • Risk Management and Internal Control procedures • Important decisions are reserved to the approval of the General Assembly of shareholders • Transparency: ad-hoc disclosures, shareholding structure, related party securities transactions • Reporting: Audited Financial statements are published quarterly according to Greek GAAP and from 2005 according IFRS

  34. Key Points • Long history • Operational excellence • Market leader in Air Conditioners business • Increased export orientation • Cost and expenses reduction • Continuous profitability • Organic growth • Solid shareholders’ structure

  35. F.G. Europe S.A., 128, Vouliagmenis Ave., GR-16674 Glyfada, Greece Tel.: +30 210 9697800, Fax: +30 210 9603802, Email: ir@fgeurope.gr http://www.fgeurope.gr DISCLAIMER This presentation contains forward-looking statements. These statements appear in a number of places in this presentation regarding the intent, belief or current expectations with regard to our customer and supplier base, future growth, market share, financial results and other aspects of our business activities and the markets in which we operate. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements as a result of various factors. Addressees are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this presentation. F.G. Europe undertakes no obligation to update publicly or revise any forward-looking statements,as a result of events or circumstances after the date of this presentation, including, but not limited to changes in economic conditions, F.G. Europe’s business strategy or the occurrence of other unanticipated events.

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