Frigoglass, Europe's leading manufacturer and solutions provider of Ice Cold Merchandisers (ICMs), with operations in 14 countries across three continents, announces today first half 2006 results:
First Half 2006 Highlights*
- Sales of euro 258.8 million, 40.3% above last year's first half
- EBITDA up 40.7% to euro 63 million
- EBIT up 51.2 % to euro 53 million
- EBT rose by 48.8% to euro 49.5 million
- EPS of euro 0.84 versus euro 0.53, up 58.9%
- NTS/NWC ratio improved by 8.8% versus first half 2005
* The above numbers are adjusted: without including PET operations (VPI) in Consolidated Sales & EBITDA & EBIT
Mr Dimitris Lois, Managing Director, Frigoglass, commented: "We are pleased to present these excellent first half year results which are characterised by unprecedented sales and profit levels. Consolidated sales increased significantly, driven by strong performance in Cool Operations which continues the vertical and horizontal share gains behind new products, focus on emerging markets and offering of highly effective solutions in developed markets. Our efforts in developing further our customer base continue and we are encouraged by seeing sales to Coke bottlers (other that CCHBC) now accounting for 27% of consolidated sales, up from 14% last year and sales to breweries rising by a further 57% accounting for 27% of consolidated sales. Our counter measures against raw material rises continue to be effective and so far have enabled us to more than offset their negative effect, recording a consolidated gross profit margin improvement of 70bps. The fundamentals of our business remain strong: the top-line growth is underpinned by strategies and execution levels that deliver the desired growth and profitability improvements which have been consistently achieved over the last eight quarters. The first half results are traditionally important and provide a reasonable indication on the year's trend. The first half year results therefore enable us to significantly upgrade the full year guidance".