Frigoglass S.A.

Quarterly Report • Oct 5, 2015

FRIGOGLASS S.A.I.C. COMMERCIAL REFRIGERATORS

SUMMARY FINANCIAL STATEMENTS for the period 1 January to 30 June

The following information aims to provide a broad overview of the financial position and results of FRIGOGLASS S.A.I.C. and its subsidiaries. We advise the reader, before entering into any investment or any other transaction with the company, to visit the company's site where the interim financial statements and notes according to IFRS are published together with the auditor's report whenever it is required.

1.1. BALANCE SHEET

1.3. ELEMENETS OF STATEMENT OF CHANGES IN EQUITY

ADDITIONAL INFORMATION

Company's STATUTORY INFORMATION
Head Office and Registered Address: Company's Number in the Register of Societes Anonymes: Supervising Authority: Board of Directors:	15, A. Metaxa Street, GR -145 64 Kifissia, Athens 29454/06/Β/93/32 Ministry of Development (Department for Limited companies) Chairman - non executive member: D. Krontiras Vice Chairman - non executive member: Ι. Androutsopoulos Managing Director - executive member : D. Lois Secretary- non-executive member: L. Komis Member - non-executive : H. David Member - non-executive : C. Leventis Member - non-executive : E. Kalousis Member - non-executive : V. Fourlis Member - non-executive : Α. Papalexopoulou
Date of Approval of the Financial Statements : Auditor's Name: Auditors Firm: Report of the Auditors: Company's Web Address:	03 August 2006 Kyriacos Riris PricewaterhouseCoopers Without Qualification www.frigoglass.com

(in € 000's)		GROUP
	30/06/06	30/06/05	30/06/06	30/06/05
Open Balance 01/01 2006 & 2005	154,574	127,978	77,304	76,362
Dividends to Company's shareholders	–-8,000	–5,600	–8,000	–-5,600
Disposal of Investments	–16,161	–	–	–
Actuarial losses net of deferred taxes	–	–	–	–1,174
Net income recognized directly in equity	–	–21	–	–
Profit of the period	34,595	22,164	7,321	6,373
Currency Translation Differences	–4,776 | ~~7,975 | ~~~~–	`~~~``–
Closing Balance 30/06 2006 & 2005	160,232	152,496	76,625	75,961
1.4. CASH FLOW STATEMENT

(in € 000's)		GROUP		COMPANY
ASSETS	30/06/06	31/12/05	30/06/06	31/12/05
Total Fixed Assets	115,256	121,148	17,906	17,890
Investments in subsidiaries	–	–	44,895	44,895
Deferred income tax assets	1,726	1,241	295	–
Other Long term assets	~~3,477	~~1,184	~2,596	~~`~156
Total Non Current Assets	120,459	123,573	65,692	~62,941
Inventories	69,472	81,217	9,086	9,271
Trade debtors	122,677	49,787	28,685	9,463
Income Tax advances	6,234	7,290	4,783	4,596
Other debtors	24,739	21,387	11,936	7,933
Intergroup receivables	–	–	37,163	31,670
Cash at banks & in hand	15,134	12,106	594	393
Assets held for sale	~~~~~– | ~66,552 | ~~~~~–	~12,998
Total Current Assets	238,256	238,339	~92,247	~76,324
Total Assets	358,715	361,912	157,939	139,265
LIABILITIES:
Long term borrowings	12,030	18,304	11,000	17,000
Deferred income tax liabilities	8,461	9,673	–	572
Retirement benefit obligations	13,272	13,488	6,613	5,821
Provisions for other liabilities & charges	7,967	6,421	4,130	3,462
Deferred income from government grants	~```~336	~~~366 | ~~~226	~~~`251
Total Non Current Liabilities	~42,066	~48,252	~21,969	~27,106
Trade creditors	39,362	27,059	13,949	8,602
Other creditors	23,055	26,933	6,883	5,376
Current income tax liabilities	12,594	5,945	5,709	3,065
Intergroup payables	–	–	4,787	705
Short term borrowings	81,406	62,259	28,017	17,107
Liabilities associated with assets classified as held for sale	~~~~~– | 36,890 | ~~~~~–	~~`~~~–
Total Current Liabilities	156,417	159,086	~59,345	~34,855
Total Liabilities	198,483	207,338	~81,314	~61,961
EQUITY:
Share capital	40,000	40,000	40,000	40,000
Other shareholders equity	98,395	77,484	36,625	37,304
Equity attributable to company shareholders	138,395	117,484	76,625	77,304
Minority Interest	~21,837	~37,090	~~~~~– | ~~~~~–
Total Equity	160,232	154,574	~76,625	77,304
Total Liabilities & Equity	358,715	361,912	157,939	139,265

1.2. ELEMENTS OF INCOME STATEMENT
(in € 000's)	GROUP				COMPANY
		From 01/01 to		From 01/04 to		From 01/01 to		From 01/04 to
			30/06/06 30/06/05 30/06/06 30/06/05 30/06/06 30/06/05 30/06/06 30/06/05
Net Trade Sales		258,766 184,409 142,210		98,089	72,592	34,466		43,331 19,045
Gross Profit	77,645	54,030	41,878	28,538	13,691	4,632	8,201	2,626
EBITDA	63,001	44,773	33,966	23,162	12,500	4,204	8,180	1,823
Operating Profit	53,123	35,134	29,147	18,341	10,604	2,240	7,177	781
Dividend Income	–	–	–	–	–	7,672	–	6,072
Finance costs	–3,631	–1,872	–2,224	–673	–948	–713	–493	–407
Profit before income tax	49,492	33,262	26,923	17,668	9,656	9,199	6,684	6,446
Income tax expenses		–14,897 –11,454	–7,969	–5,436	–2,642		–2,826 –2,185 –1,893
Profit for the year from continuing operations 34,595		21,808	18,954	12,232	7,014	6,373	4,499	4,553
Profit for the year after income tax from
discontinued operations	–	356	–	137	307	–	–	–
Profit for the year after income tax expenses Attributable to:	34,595	22,164	18,954	12,369	7,321	6,373	4,499	4,553
Minority interest	909	969	555	257	–	–	–	–
Shareholders of the company	33,686	21,195	18,399	12,112	7,321	6,373	4,499	4,553
Earnings per share attributable to the shareholders of the company in Euro	0,84	0,53	0,46	0,30	0,18	0,16	0,11	0,11

1.Group companies that are included in the consolidated financial statements with their respective locations, percentage of ownership as well as the information regarding the fiscal years unaudited by the Tax authorities by company are listed below: Note: For certain countries, tax audit is not compulsory and is performed only under specific conditions.

(in € 000's)		GROUP		COMPANY	7. The average number of employees for the period stood at: Group 4,500 employees and Parent Company 687 employees. 8. The amounts of sales and purchases and outstanding balances of receivables and payables of the Company to and from its related parties (according
		From 1/1 to		From 1/1 to	to the provisions of IAS 24) for the period 01.01. - 30.06.2006 were as follows:
	30/06/06	30/06/05	30/06/06	30/06/05
Cash Flow from operating activities							30/06/2006
Profit before income tax from continuing operation	49,492	33,262	9,656	9,199		Group	Company
Profit before tax from discontinuing operation	–	–	1,130	–	a) Sales of goods and services	107,822	26,802
Profit before tax	49,492	33,262	10,786	9,199	b) Receivables from related parties	58,294	19,059
Adjustments for:					c) Purchases from and payables to related parties	–	–
Depreciation	9,061	9,639	1,896	1,964	d) Intergroup Sales of goods and services	–	31,726
Provisions	4,797	3,370	2,321	1,557
Exchange difference	–4,439	1,420	–	–	e) Dividend income from subsidiaries	–	–
Changes in Working Capital:					f) Receivables from subsidiaries	–	37,163
Decrease / (increase) of inventories	11,745	–1,726	185	96	g) Intergroup Purchases of goods and services	–	14,387
Decrease / (increase) of trade debtors	–72,890	–42,055	–19,222	–7,694	h) Payables to subsidiaries	–	4,787
Decrease / (increase) of Intergroup receivables	–	–	–5,492	–5,831
Decrease / (increase) of other receivables	–2,296	–2,134	–4,191	–2,574	9. Earnings Per Share have been calculated based on the weighted average number of shares during the year.
Decrease / (increase) of other long term receivables	–2,294	264	–2,440	–
(Decrease) / increase of suppliers	12,253	10,653	5,346	3,363
(Decrease) / increase of Intergroup payables	–	–	4,082	3,427
(Decrease) / increase of other liabilities (except borrowing)	–3,879	4,379	1,503	638
Less:
Income Tax paid	~–8,147	~–7,760	~–1,689	~~–289
(a) Net cash generated from operating activities	~–6,597	~~9,312	~–6,915	~`3,856		Kifisia, 3 August 2006
Cash Flow from investing activities
Purchase of property, plant and equipment	–6,584	–6,818	–1,283	–1,094	THE CHAIRMAN OF THE BOARD OF DIRECTORS		THE MANAGING DIRECTOR
Purchase of intangible assets	–657	–1,472	–505	–1,320
Proceeds from subsidiaries disposal & other investments	12,000	~~~~– | 12,000 |~~~``–
(b) Net cash generated from investing activities	~4,759	–8,290	10,212	–2,414
Net cash generated from operating and investing					DIMITRIOS P. KRONTIRAS		DIMITRIOS P. LOIS
activities	–1,838	~1,022	~3,297	~1,442
Cash Flow from financing activities					THE GROUP CHIEF FINANCIAL OFFICER		THE FINANCE MANAGER
Increase / (decrease) of borrowing	12,871	541	4,910	–1,433
Dividends paid to Company's shareholders	–8,005	–	–8,005	–
(c) Net cash generated from financing activities	~4,866	~~541 | –3,095 |–1,433
Net increase (decrease) in cash and cash equivalents	~3,028	~1,563	~```202	~~~~~9
					PANAGIOTIS D. TABOURLOS		VASSILIOS Α. STERGIOU
Cash and cash equivalents at beginning of the year	12,106	10,378	~~~392	~~~585
Cash and cash equivalents at the end of the year	15,134	11,941	~~~594	~~~594

		Fiscal Years
Company Name	Country	Method	% ownership	Unaudited
Frigoglass S.A.I.C. - Parent company	Hellas	Full	Parent	2000-2005
Frigoglass Romania SRL	Romania	Full	100%	2005
Frigorex Indonesia PT	Indonesia	Full	100%	2005
Frigoglass South Africa Ltd	S. Africa	Full	100%	2003-2005
Frigoglass Eurasia LLC	Russia	Full	100%	2004-2005
Scandinavian Appliances A.S	Norway	Full	100%	2003-2005
Frigoglass Ltd.	Ireland	Full	100%	2000-2005
Frigoglass Iberica SL	Spain	Full	100%	2002-2005
Frigoglass Sp zo.o	Poland	Full	100%	2002-2005
Frigoglass India PVT.Ltd.	India	Full	100%	2004-2005
Beta Glass Plc.	Nigeria	Full	53.7%	2003-2005
Frigoglass Industries (Nig.) Ltd	Nigeria	Full	75.91%	1999-2005
TSG Nigeria Ltd.	Nigeria	Full	54.8%	1999-2005
Beta Adams Plastics	Nigeria	Full	75.91%	1999-2005
3P Frigoglass Romania SRL	Romania	Full	100%	2004-2005
Frigorex East Africa Ltd.	Kenya	Full	100%	2002-2005
Frigoglass GmbH	Germany	Full	100%	2001-2005
Frigoglass Nordic	Norway	Full	100%	2003-2005
Frigoglass France SA	France	Full	100%	2003-2005
Coolinvest Holding Limited	Cyprus	Full	100%	1999-2005
Frigorex Cyprus Limited	Cyprus	Full	100%	1999-2005
Letel Holding Limited	Cyprus	Full	100%	1999-2005
Norcool Holding A.S	Norway	Full	100%	1999-2005
Nigerinvest Holding Limited	Cyprus	Full	100%	1999-2005
Deltainvest Holding Limited	Cyprus	Full	100%	1999-2005

The company V.P.I S.A was not consolidated. The Group's 51% ownership was sold on February 28, 2006 for 15m Euros.

1. The published Financial Statements present both the continuing operations and the non-continuing PET operations.

2. The main accounting principles as of the balance sheet of 31.12.2005 have been applied. There has been a re-classification in the accounts of the financial statements of the year ended 31.12.2005, according to IFRS, so as to be comparable with those in the statements of the year ended 30.06.2006. The re-classification had no effect on earnings, total assets or total liabilities and owners' equity of the Company or the Group.

3. The pledges on the Group's assets at 30.06.2006 stood at € 7,2 mil. There are no pledges on the Parent company's assets.

4. Capital expenditure for the year 30/06/2006 stood at: Group € 7,2 mil. (31/12/2005: € 17 mil ), Parent company € 1,8 mil.(31/12/2005: € 3,6 mil.)

5. There are no litigation matters which have a material impact on the financial position or operation of the Company and the Group.

							30/06/2006
Profit before income tax from continuing operation	49,492	33,262	9,656	9,199		Group	Company
Profit before tax from discontinuing operation	–	–	1,130	–	a) Sales of goods and services	107,822	26,802
Profit before tax	49,492	33,262	10,786	9,199	b) Receivables from related parties	58,294	19,059
Adjustments for:					c) Purchases from and payables to related parties	–	–
Depreciation	9,061	9,639	1,896	1,964	d) Intergroup Sales of goods and services	–	31,726
Provisions	4,797	3,370	2,321	1,557	e) Dividend income from subsidiaries	–	–
Exchange difference	–4,439	1,420	–	–
Changes in Working Capital:					f) Receivables from subsidiaries	–	37,163
Decrease / (increase) of inventories	11,745	–1,726	185	96	g) Intergroup Purchases of goods and services	–	14,387
Decrease / (increase) of trade debtors	–72,890	–42,055	–19,222	–7,694	h) Payables to subsidiaries	–	4,787
Decrease / (increase) of Intergroup receivables	–	–	–5,492	–5,831
Decrease / (increase) of other receivables	–2,296	–2,134	–4,191	–2,574	9. Earnings Per Share have been calculated based on the weighted average number of shares during the year.
Decrease / (increase) of other long term receivables	–2,294	264	–2,440	–
(Decrease) / increase of suppliers	12,253	10,653	5,346	3,363
(Decrease) / increase of Intergroup payables	–	–	4,082	3,427
(Decrease) / increase of other liabilities (except borrowing)	–3,879	4,379	1,503	638
Less:
Income Tax paid	~–8,147	~–7,760	~–1,689	~~–289
(a) Net cash generated from operating activities	~–6,597	~~9,312	~–6,915	~`3,856		Kifisia, 3 August 2006
Cash Flow from investing activities
Purchase of property, plant and equipment	–6,584	–6,818	–1,283	–1,094	THE CHAIRMAN OF THE BOARD OF DIRECTORS		THE MANAGING DIRECTOR
Purchase of intangible assets	–657	–1,472	–505	–1,320
Proceeds from subsidiaries disposal & other investments	12,000	~~~~– | 12,000 |~~~``–
(b) Net cash generated from investing activities	~4,759	–8,290	10,212	–2,414
Net cash generated from operating and investing					DIMITRIOS P. KRONTIRAS		DIMITRIOS P. LOIS
activities	–1,838	~1,022	~3,297	~1,442
Cash Flow from financing activities					THE GROUP CHIEF FINANCIAL OFFICER		THE FINANCE MANAGER
Increase / (decrease) of borrowing	12,871	541	4,910	–1,433
Dividends paid to Company's shareholders	–8,005	–	–8,005	–
(c) Net cash generated from financing activities	~4,866	~~541 | –3,095 |–1,433
Net increase (decrease) in cash and cash equivalents	~3,028	~1,563	~```202	~~~~~9
					PANAGIOTIS D. TABOURLOS		VASSILIOS Α. STERGIOU
Cash and cash equivalents at beginning of the year	12,106	10,378	~~~392	~~~585
Cash and cash equivalents at the end of the year	15,134	11,941	~~~594	~~~594

Note: Amounts on the financial statements of the previous periods have been reclassified so as to be comparable with those of the current period. These reclassifications had no effect on Net Profit attributable to the shareholders of the Company, on Net Profit attributable to minorities, on EBITDA, and on assets, liabilities and equity.