Results for the Nine Months ended 30th September 2012 (IFRS)
Frigoglass Reports Nine Months 2012 Results

Athens, November 13th, 2012:

Torsten Tuerling, Chief Executive Officer, Frigoglass, commented:
"As anticipated in our latest outlook, we faced a particularly challenging third quarter. In a recessionary market environment in Europe, key customers significantly reduced investments. Low order levels in most of our production facilities, led to significant idle capacity and difficulties in adequately absorbing overhead costs in the quarter. This adversely affected our ability to drive down inventory levels. Furthermore, one-off factors and negative margins in our operations in China, the US and the recent acquisition of the Jebel Ali glass business impacted our profitability in the quarter.

Despite the economic headwinds, we have continued to invest in the roll-out of new technologies and products which reduce carbon emissions. This has a short term negative impact on productivity and field support costs, but lays the foundation to sustain our position as undisputed innovation and sustainability leader in our industry.

We expect market conditions to remain challenging in the coming quarters. However, we have developed determined plans to restore profitability and strengthen our balance sheet by significantly improving our cash flow generation going forward. We recently announced the implementation of more effective operating structure to enable us to better capture the significant growth opportunities outside Europe and to drive efficiency across our organization and successfully execute our plans. We will provide more details about our targets at the time of the announcement of 2012 full year results.”