Results for the Full Year ended 31st December 2011 (IFRS)

Frigoglass Reports Full Year 2011 Results



Athens, February 28th, 2012:


Financial Results (in € 000's)            FY11    FY10    % Change
Sales                                     555,213    457,220    21.4%
EBITDA                                   81,562    74,229       9.9%
Operating Profit (EBIT)              53,170    49,276       7.9%
Net Profit     20,051    20,535    -2.4%


Doros Constantinou, Executive Director, Frigoglass, commented:

"We are pleased to report yet another year of strong progress in sales, particularly when set against our comparable prior year growth of 31.9%. Our Cool business delivered a 20.4% increase in sales with growth across most geographies, highlighting our strong focus on providing solutions for our customers, reinforcing our sector-leading position. Our Glass business recorded its strongest ever result, delivering 26.3% sales growth in the full year. Operating profits grew despite increasingly challenging trading conditions through the course of the year, high input costs and a number of one-off items.

While we see continuing challenges in 2012, particularly in Europe, we expect to deliver further growth across most regions in Cool Operations. In our growing Glass business, we enter 2012 from a position of strength and we expect to deliver further positive momentum. Our financial priority is to maximise free cash flow and further strengthen our capital structure. While the macro-economic outlook is uncertain and input costs remain comparatively high, we are confident of making good progress given our extensive geographic footprint, leading global position and our strong relationships with the leading beverage companies around the world."