Strong revenue and profit growth - promising outlook Frigoglass Group S.A., Europe's leading manufacturer of Ice Cold Merchandisers, with operations in 15 countries across three continents, today announces FY 2004 results.

Full Year Highlights

Revenues up 9% to euros 340.5m (FY 2003: euros 312.5m)
EBITDA up 8,9% to euros 60.9m (FY 2003: euros 55.9m) *
Earnings after tax up 67,5% to euros 15.1m (FY 2003: euros 9m)
EPS up 67,5% to euros 0,38 (FY2003: euros 0,23)
Operating Cash flow euros 40.5m (FY2003:euros 30.9)**
ROE 15,9% (FY2003:10,8%) after tax
2004 Dividend up 40% to euros 0.14 per share (2003: euros 0.10 per share)

Mr Dimitris Lois, Managing Director, Frigoglass Group SA, commented:

'We are very pleased to report these results, especially in terms of profitability. 2004 was an important year in the strategic development of the Group and our core business units continued to grow, expanding their presence in new, strategically important, territories and sectors and leading the market in product innovation. At the same time, major operational efficiencies were realised across the business, counterbalancing the considerable raw material price increases.

Specifically, sales in our Cool Division grew strongly in Europe and SE Asia, with particularly promising growth in the beer sector, and the Nigeria Division delivered satisfactory results despite challenging conditions and a weak first semester. Frigoglass? growth prospects continue to be strong and, combined with ongoing progress in refining the Group?s operational and financial efficiency, and cash management, we are confident that we can continue to grow our profitability and return on equity, delivering ever stronger shareholder value. With this progress and confidence in mind, we are pleased to recommend a 40% increase in the Group's dividend payable for 2004'.

* EBITDA is calculated as EBT plus depreciation plus net interest
** Cash Flow pre-capex, acquisitions and dividend payments