Results for the First Quarter ended 31st March 2012 (IFRS)

Frigoglass Reports First Quarter 2012 Results




Athens, May 10th, 2012:


Financial Results (in € 000's)    Q1 2012    Q1 2011    % Change
Sales                                     159,117    134,826    18.0%
EBITDA                                   24,330    22,752       6.9%
Operating Profit (EBIT)              16,556    16,533      0.1%
Net Profit                                  7,760    8,729    -11.1%



Doros Constantinou, Executive Director, Frigoglass, commented:

"Despite the broader macro-economic uncertainty in key European markets and against tough year-on-year comparables, once again, we were able to deliver solid top-line growth in the quarter, demonstrating the benefits of our geographic diversity.

We remain cautious on the outlook for our key European markets. However, Frigoglass has successfully navigated a prolonged period of economic recession in many of its core markets and delivered continuing growth. We have a strong, geographically diversified business and a leading global position. Our business model and strategy will enable us to manage the macro-economic challenges we face and deliver further progress across our operations. Our balanced geographic portfolio, our sector-leading position and our strong relationships with the world's leading beverage companies are central to the ongoing success and development of Frigoglass.

We are also pleased to welcome Torsten Tuerling as the Group's Managing Director. Torsten has extensive experience within the commercial refrigeration industry and across international markets and we look forward to the continued development and success of Frigoglass under his leadership."