FRIGOGLASS S.A.I.C.
2007 Full Year Results
Results for the year ended 31st December 2007 (IFRS)
Frigoglass Reports Strong Results
Frigoglass, the world's leading manufacturer and solutions provider of Ice-Cold Merchandisers (ICMs), with operations in 17 countries across four continents, announces today 2007 Full Year results:
Full Year 2007 Highlights:
- Sales of euro 453.4 million, 13.1% above last year
- EBITDA up 12.7% to euro 90.6 million
- EBIT up 13.6% to euro 71.3 million
- EBT rose by 16.8% to euro 66.0 million
- EPS of ?1.14 versus euro 0.96, up 18.1%
- Average NTS/NWC at 3.15 an increase of 0.6% above last year
Mr Petros Diamantides, Managing Director, Frigoglass, commented:
We are delighted to report another year of strong growth, particularly given the substantially higher operating base following an exceptional 2006. Cool achieved a 12.4% growth across all major geographical regions whilst strategic diversification into Breweries continued with a 46.3% increase versus year ago. Nigeria Glass sustained the rapid turnaround momentum, with the recovery in demand accentuating the efficiency initiatives of the last 12 to 18 months leading to significantly improved performance.
Despite a well documented adverse raw materials environment globally, Frigoglass expanded its EBIT margin in 2007, owing to enhanced operating leverage and a continued focus on cost disciplines.
During the year, Frigoglass invested significantly in future platforms for growth in Nigeria, China as well as Russia and despite the high cash call, the balance sheet remains robust with a net gearing ratio of 24%.
Looking forward, 2008 is likely to prove challenging given the persistent raw material prices and the uncertain global economic outlook. Nevertheless, we are confident that the proven strength of our business model will enable Frigoglass to achieve yet another year of double-digit earnings growth.
Frigoglass Reports Strong Results
Frigoglass, the world's leading manufacturer and solutions provider of Ice-Cold Merchandisers (ICMs), with operations in 17 countries across four continents, announces today 2007 Full Year results:
Full Year 2007 Highlights:
- Sales of euro 453.4 million, 13.1% above last year
- EBITDA up 12.7% to euro 90.6 million
- EBIT up 13.6% to euro 71.3 million
- EBT rose by 16.8% to euro 66.0 million
- EPS of ?1.14 versus euro 0.96, up 18.1%
- Average NTS/NWC at 3.15 an increase of 0.6% above last year
Mr Petros Diamantides, Managing Director, Frigoglass, commented:
We are delighted to report another year of strong growth, particularly given the substantially higher operating base following an exceptional 2006. Cool achieved a 12.4% growth across all major geographical regions whilst strategic diversification into Breweries continued with a 46.3% increase versus year ago. Nigeria Glass sustained the rapid turnaround momentum, with the recovery in demand accentuating the efficiency initiatives of the last 12 to 18 months leading to significantly improved performance.
Despite a well documented adverse raw materials environment globally, Frigoglass expanded its EBIT margin in 2007, owing to enhanced operating leverage and a continued focus on cost disciplines.
During the year, Frigoglass invested significantly in future platforms for growth in Nigeria, China as well as Russia and despite the high cash call, the balance sheet remains robust with a net gearing ratio of 24%.
Looking forward, 2008 is likely to prove challenging given the persistent raw material prices and the uncertain global economic outlook. Nevertheless, we are confident that the proven strength of our business model will enable Frigoglass to achieve yet another year of double-digit earnings growth.