INCREASE IN PROFITS 16,0%

HIGHLIGHTS
- Consolidated Revenue reached euro 266 m, increased by 3,3%
- Consolidated pre-tax profits after minorities at euro 28,16 m, increased by 16,0%
- ΕΒITDA reached ?53,5 m., increased by 2,1%
- Commercial refrigeration sales volume increased by 7,6%
- Foreign exchange losses decreased by euro 1,7 m.
- Devaluation of Naira vs. Euro by 17%

The consolidated pre-tax profit of Frigoglass for the nine months of 2004, after minorities, increased by 16% compared to the same period last year reaching euro 28,16 million. EBITDA amounts to euro 53,5 million, increased by 2,1%. Respectively, consolidated net revenue reached euro 266 million, which on a comparable basis (excluding 3N and Ipoma), increased by 5% versus the nine month period last year.

The Cool Division presented a 12,6% increase in sales and 22,8% in profits, contributing euro 25,2 million to the consolidated results. The organic growth is attributed to an increase in sales in Europe (East and West Europe) by 12% mainly is Austria, Germany, Portugal, Netherlands, Russia, as well further penetration in Asia markets (+74%), such as Australia, Malaysia and Indonesia. At the same time further diversification of customer base was achieved with the sales volume increasing by 13%.

Due to major increases in raw material prices (steel, cooper, aluminum), the division is experiencing pressure on gross profit margins while the efficient management of other cost factors led to an increase in net profit margins.

Sales in Nigeria division increased by 7% in local currency. The glass industry experienced a dynamic 3rd quarter mainly due to the increased sales towards beer clients. Moreover the significant increase in exports and pharmaceutical product sales, that more than doubled compared to the last year period, set a solid basis for the division's further development.
The significant increase in raw material prices, energy and transportation costs led to major decrease in the division?s profit margins.

In VPI, the PET Resin division, sales revenue slightly decreased (-2,6%) compared to the same period last year while the gross profit margin has been positively affected by higher pet prices. Despite the increase in raw material prices the division's profits after minorities reached euro 1,2 million.

The Plastics division, has decreased sales since last year's 3N and IPOMA sales of euro 4,2 million are not included, while losses have been reduced by 86% versus last year, resulting from the extensive reconstruction of the division.

Mr. Dimitris Lois, Managing Director of Frigoglass pointed:
"We are satisfied with the nine month results, despite the adverse economic conditions internationally and the increases in raw material prices. We remain positive to our full year targets. We continue focusing on the productivity of our plants, our high quality standards, on cost control throughout the business as well as on geographic expansion"