Frigoglass S.A.

Quarterly Report • Sep 29, 2015

Frigoglass Group Frigoglass Group & Frigoglass S.A.I.C Frigoglass S.A.I.C - Parent Company Parent Company

Interim Condensed Financial Statements Interim Condensed Financial Statements 1 January 1 January – 30 June 2007 June 2007

The attached interim condensed financial statements have been approved by the Board of Directors proved by the Directors Meeting held on the Meeting held on the 2nd of August 2007. 2nd August

These financial statements have been translated from the original statutory financial statements l statutory financial statements that have been prepared in the Hellenic language. In the event t have been prepared in the language. event that differences exist between these hat differences exist between these translation and the original Hellenic language financial statements, the Hellenic language financial nts, language financial statements will prevail over this document. over this

Frigoglass S.A.I.C Commercial Refrigerators 15, A. Metaxa Street 15, A. Metaxa Street GR-145 64 Kifissia 145 64 Athens - Hellas

Table of Contents Pages

1.		Balance Sheet	3
2.		Income Statement	4
3.		Income Statement Second Quarter	5
4.		Statement of changes of equity	6
5.		Cash flow statement	7
6.		Notes to the financial statements	8
7.		Basis of Preparation	8
8.		Summary of significant accounting policies	8
9.		Critical accounting estimates and judgments	10
		10. Notes to the financial statements
	(5)	Segment information	11
	(6)	Property, plant & equipment	13, 15
	(7)	Intangible assets	14, 16
	(8)	Inventories	17
	(9)	Trade debtors	17
	(10)	Other debtors	17
	(11)	Cash at banks & in hand	17
	(12)	Other creditors	17
	(13)	Non current & current borrowings	18
	(14)	Investments in subsidiaries	19
	(15)	Share capital	19
	(16)	Other reserves	20
	(17)	Financial expenses	21
	(18)	Unaudited Tax Years	21
	(19)	Related party transactions	22
	(20)	Earnings per share	23
	(21)	Contingent liabilities	23
	(22)	Assets held for sale	24
	(23)	Seasonality of Operations	25
	(24)	Post Balance sheet Events	25
	(25)	Average number of personnel	25
	(26)	/ Gains from restructuring activities	25
		11. Audit Report on review of interim financial information	26

Balance Sheet in € 000's Note 30/06/2007 31/12/2006 30/06/2007 31/12/2006 Assets: Property, plant and equipment 6 123.160 117.038 13.409 14.004 Intangible assets 7 5.116 5.183 3.526 3.763 Investments in subsidiaries 14 0 0 44.894 44.894 Deferred income tax assets 3.918 3.404 1.655 1.132 Other long term assets 2.301 3.376 1.623 2.597 Total Non current assets 134.495 129.001 65.107 66.390 Inventories 8 79.883 94.701 8.576 17.380 Trade debtors 9 130.311 41.951 21.009 2.855 Other debtors 10 19.707 23.663 4.012 12.548 Income tax advances 10.901 14.571 8.601 10.181 Intergroup receivables 0 0 34.390 22.406 Cash & Cash Equivalents 11 16.558 18.220 474 2.271 Total current assets 257.360 193.106 77.062 67.641 Total Assets 391.855 322.107 142.169 134.031 Liabilities: Long term borrowings 13 2.918 875 0 0 Deferred Income tax liabilities 8.611 8.281 0 0 Retirement benefit obligations 14.934 13.562 8.070 7.195 Provisions for other liabilities & charges 9.414 8.439 4.019 3.584 Deferred income from government grants 342 362 190 211 Total Non current liabilities 36.219 31.519 12.279 10.990 Trade creditors 48.816 31.013 10.690 7.185 Other creditors 12 28.168 32.751 6.927 5.553 Current income tax liabilities 18.127 12.056 9.083 9.761 Intergroup payables 0 0 4.854 648 Short term borrowings 13 68.452 52.523 17.984 14.237 Total current liabilities 163.563 128.343 49.538 37.384 Total Liabilities 199.782 159.862 61.817 48.374 Equity: Share capital 15 40.000 40.000 40.000 40.000 Share premium 15 6.846 6.846 6.846 6.846 Other reserves 16 24.869 25.599 25.140 23.285 Retained earnings / 99.921 69.957 8.366 15.526 Net Equity attributable to Company Shareholders 171.636 142.402 80.352 85.657 Minority Interest 20.437 19.843 0 0 Total Equity 192.073 162.245 80.352 85.657 Total Liabilities and equity 391.855 322.107 142.169 134.031 Group Parent Company

The attached financial statements have been approved by the Board of Directors meeting held on the 2nd of August 2007 and are hereby signed by:

Kifissia, 2 August 2007
The Chairman of the Board	The Group Chief Financial Officer
Charalambos David _____	Panagiotis Tabourlos	_____
The Managing Director Petros Diamantides _____	The Finance Manager Vassilios Stergiou	_____

Income Statement		Group	Parent Company
in € 000's
			From 01/01 'till	From 01/01 'till
	No te	30/06/2007	30/06/2006	30/06/2007	30/06/2006
Sales	5	290.553	258.766	67.222	72.592
Cost of goods sold		-203.020	-181.121	-55.339	-58.901
Gross profit		87.533	77.645	11.883	13.691
Administration expenses		-14.246	-13.353	-9.800	-8.924
Selling, Distribution & Marketing expenses		-11.344	-9.950	-3.399	-3.131
Research & Development expenses		-1.625	-1.102	-1.139	-808
Other operating income	19	1.075	714	11.128	9.770
Other / Gains		-196	-14		6
/ Gains from restructuring activities	26		-817
Operating Profit	5	61.197	53.123	8.673	10.604
Dividend income				3.027
Finance costs	17	-2.853	-3.631	-593	-948
Profit before income tax		58.344	49.492	11.107	9.656
Income tax expense Profit for the year after income tax expenses from		-16.633	-14.897	-3.609	-2.642
continuing operations		41.711	34.595	7.498	7.014
Profit for the year after income tax from
discontinued operations	22				307
Profit for the year after income tax expenses		41.711	34.595	7.498	7.321
Attributable to:
Minority interest		1.060	909
Shareholders of the Company		40.651	33.686	7.498	7.321
Weighed Average number of shares (in thousands
pieces)	20	40.000	40.000	40.000	40.000
Earnings per share from continuing operations
attributable to the shareholders of the company
during the year ( in € per share)	20	1,02	0,84	0,19	0,18
Earnings per share from discontinuing operations
attributable to the shareholders of the company
during the year ( in € per share)	20				0,01
Depreciation		10.064	9.061	2.108	1.896
Earnings before interest, tax, depreciation and
amortization and invested results		71.261	63.001	10.781	12.500

Note: Gains / from restructuring activities have been incorporated in the calculation of Earnings before interest, tax, depreciation and amortization and invested results.

Income Statement - 2nd Quarter

	Group		Parent Company
in € 000's
	From 01 / 04 'till		From 01 / 04 'till
	30/06/2007	30/06/2006	30/06/2007	30/06/2006
Sales	156.623	142.210	34.298	43.331
Cost of goods sold	-109.102	-100.332	-28.174	-35.130
Gross profit	47.521	41.878	6.124	8.201
Administration expenses	-7.463	-6.252	-5.054	-3.915
Selling, Distribution & Marketing expenses	-6.308	-5.657	-1.574	-1.740
Research & Development expenses	-918	-412	-590	-416
Other operating income	464	425	5.557	5.042
Other / Gains	-17	-18		5
/ Gains from restructuring activities		-817
Operating Profit	33.279	29.147	4.463	7.177
Dividend income
Finance costs	-1.696	-2.224	-304	-493
Profit before income tax	31.583	26.923	4.159	6.684
Income tax expense	-9.021	-7.969	-1.143	-2.185
Profit for the year after income tax from continuing operations	22.562	18.954	3.016	4.499
Profit for the year after income tax from discontinued operations
Profit for the year after income tax expenses	22.562	18.954	3.016	4.499
Attributable to:
Minority interest	639	555
Shareholders of the Company	21.923	18.399	3.016	4.499
Weighed Average number of shares (in thousands pieces)	40.000	40.000	40.000	40.000
Earnings per share from continuing operations
attributable to the shareholders of the company
during the year ( in € per share)	0,55	0,46	0,08	0,11
Earnings per share from discontinuing operations attributable to the shareholders of the company
during the year ( in € per share)
Depreciation	5.171	4.002	995	1.003
Earnings before interest, tax, depreciation and
amortization and invested results	38.450	33.966	5.458	8.180

Note: Gains / from restructuring activities have been incorporated in the calculation of Earnings before interest, tax, depreciation and amortization and invested results.

Statement of Changes in Equity

in € 000's

Group

	Share capital	Share premium	Other reserves	Retained earnings /	Net Equity attributable to Company Shareholders	Minority Interest	Total
Balance 01/01/2006	40.000	57.245	29.048	-8.809	117.484	37.090	154.574
Profit for 1st Half				33.686	33.686	909	34.595
Disposal of Investments			-1.632		-1.632	-14.534	-16.166
Currency Translation differences			-4.775	1.627	-3.148	-1.628	-4.776
Total Income			-6.407	35.313	28.906	-15.253	13.653
Dividends to Company's shareholders				-8.000	-8.000		-8.000
Share Capital Increase	50.399	-50.399
Share Capital Decrease	-50.399			50.399
Transfer to Reserves			433	-433
Balance 30/06/2006	40.000	6.846	23.074	68.470	138.390	21.837	160.227
Balance 01/07/2006	40.000	6.846	23.074	68.470	138.390	21.837	160.227
Profit for the period 2nd Half				4.801	4.801	635	5.436
Currency Translation differences			2.525	-3.314	-789	-835	-1.624
Total Income			2.525	1.487	4.012	-200	3.812
Share Capital Decrease						-1.794	-1.794
Balance 31/12/2006	40.000	6.846	25.599	69.957	142.402	19.843	162.245
Balance 01/01/2007	40.000	6.846	25.599	69.957	142.402	19.843	162.245
Profit for 1st Half				40.651	40.651	1.060	41.711
Currency Translation differences			-2.585	3.971	1.386	-466	920
Total Income			-2.585	44.622	42.037	594	42.631
Dividends to Company's shareholders				-12.800	-12.800		-12.800
Net income/ recognized directly in
equity				-3	-3		-3
Transfer to Reserves			1.855	-1.855
Balance 30/06/2007	40.000	6.846	24.869	99.921	171.636	20.437	192.073

Parent Company

				Retained earnings /
	Share capital	Share premium	Other reserves		Total
Balance 01/01/2006	40.000	57.245	22.857	-42.798	77.304
Profit for 1st Half				7.321	7.321
Total Income				7.321	7.321
Dividends to Company's shareholders				-8.000	-8.000
Share Capital Increase	50.399	-50.399
Share Capital Decrease	-50.399			50.399
Transfer to Reserves			433	-433
Balance 30/06/2006	40.000	6.846	23.290	6.489	76.625
Balance 01/07/2006	40.000	6.846	23.290	6.489	76.625
Profit for the period 2nd Half			-5	9.037	9.032
Total Income			-5	9.037	9.032
Balance 31/12/2006	40.000	6.846	23.285	15.526	85.657
Balance 01/01/2007	40.000	6.846	23.285	15.526	85.657
Profit for 1st Half				7.498	7.498
Total Income				7.498	7.498
Dividends to Company's shareholders				-12.800	-12.800
Net income/ recognized directly in
equity				-3	-3
Transfer to Reserves			1.855	-1.855
Balance 30/06/2006	40.000	6.846	25.140	8.366	80.352

Cash Flow Statement in € 000's

		Group		Parent Company
	No			From 01/01 to
	te	30/06/2007	30/06/2006	30/06/2007	30/06/2006
Cash Flow from operating activities
Profit before income tax from continuing operation		58.344	49.492	11.107	9.656
Profit before tax from discontinuing operation	22				1.130
Profit before tax		58.344	49.492	11.107	10.786
Adjustments for:
Depreciation		10.064	9.638	2.108	1.896
Provisions		2.922	4.797	902	2.321
/Loss from disposal of PPE & intangible assets		219
Dividend income				-3.027	-307
Exchange difference		-1.951	-4.439
Changes in Working Capital:
Decrease / (increase) of inventories		14.818	11.745	8.804	185
Decrease / (increase) of trade debtors		-88.361	-72.890	-18.154	-19.222
Decrease / (increase) of Intergroup receivables				-11.984	-5.492
Decrease / (increase) of other receivables		7.626	-2.296	7.435	-4.191
Decrease / (increase) of other long term receivables		1.075	-2.294	974	-2.440
(Decrease) / increase of suppliers		17.804	12.253	3.505	5.346
(Decrease) / increase of Intergroup payables				4.206	4.082
(Decrease) / increase of other liabilities (except borrowing)		-4.583	-4.006	1.373	1.503
Less:
Income tax paid		-10.003	-8.147	-2.022	-1.689
(a) Net cash generated from operating activities		7.974	-6.147	5.227	-7.222
Cash Flow from investing activities
Purchase of property, plant and equipment	6	-15.284	-7.034	-474	-1.283
Purchase of intangible assets	7	-848	-657	-503	-505
Proceeds from subsidiaries disposal & other investments	22		12.000		12.000
Proceeds from disposal of property, plant, equipment and
intangible assets		1.346
Dividend income				3.027	307
(b) Net cash generated from investing activities		-14.786	4.309	2.050	10.519
Net cash generated from operating and investing activities		-6.812	-1.838	7.277	3.297
Cash Flow from financing activities
Increase / (decrease) of borrowing		17.972	12.871	3.748	4.910
Dividends paid to Company's shareholders		-12.822	-8.005	-12.822	-8.005
(c) Net cash generated from financing activities		5.150	4.866	-9.074	-3.095
Net increase (decrease) in cash and cash equivalents (a) + (b) + (c)		-1.662	3.028	-1.797	202
Cash and cash equivalents at beginning of the year		18.220	12.106	2.271	392
Cash and cash equivalents at the end of the year		16.558	15.134	474	594

1. Summary notes to the financial statements

1.1 General Information

This condensed interim financial information includes the interim financial information of the parent company FRIGOGLASS S.A.I.C. (the "Company") and the consolidated interim financial information of the Company and its subsidiaries (the "Group"). The names of the subsidiaries are presented in Note 14 of the financial information.

Frigoglass S.A.I.C. and its subsidiaries are engaged in the manufacturing, trade and distribution of commercial refrigeration units and packaging materials for the beverage industry. The Group has manufacturing plants and sales offices in Europe, Asia, and Africa.

The Company is a limited liability company incorporated and based in Kifissia, Attica. The Company's' shares are listed on the Athens Stock Exchange.

The address of its registered office is:

15, A. Metaxa Street GR 145 64, Kifissia Athens, Hellas

The company's web page is: www.frigoglass.com

This condensed interim financial information was approved by the Board of Directors on the 2nd of August 2007.

2. Basis of Preparation

This condensed interim financial information for the six months ended 30 June 2007 has been prepared in accordance with IAS 34, 'Interim financial reporting'. The interim condensed financial report should be read in conjunction with the annual financial statements for the year ended 31 December 2006 that is available on the company's web page www.frigoglass.com

3. Summary of significant accounting policies

The accounting policies adopted in preparing this condensed interim financial information are consistent with those described in the Company and Group annual financial statements for the year ended 31 December 2006.

There have been no changes in the accounting policies used from those that were used for the preparation of the annual financial statements prepared by the Company and the Group for the year ended 31 December 2005.

This condensed interim financial information has been prepared under the historical cost convention.

The preparation of the financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires Management to exercise judgement in the process of applying the accounting policies. Moreover, it requires the use of estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of preparation of interim financial information and the reported income and expense amounts during the reporting period. Although these estimates and judgments are based on the best possible knowledge of Management with respect to the current conditions and activities, the actual results can eventually differ from these estimates.

Differences between amounts presented in the financial statements and corresponding amounts in the notes results from rounding differences.

New standards, amendments to standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning during the current reporting period and subsequent reporting periods. The Group's evaluation of the effect of these new standards, amendments to standards and interpretations is as follows:

Standards & Interpretations effective for 2007

IFRS 7 - Financial Instruments: Disclosures and the complementary amendment to IAS 1 - Presentation of Financial Statements: Capital Disclosures

This standard and amendment introduces new disclosures relating to financial instruments. The Group will comply with the requirements of IFRS 7 in its annual financial statements for 2007 as is relevant and applicable. For the current interim period the applicable IFRS 7 disclosures have only been presented in respect of events and transactions related to financial instruments which are material to an understanding of the current interim period.

IFRIC 7 - Applying the Restatement Approach under IAS 29

This interpretation provides guidance on how to apply requirements of IAS 29 in a reporting period in which a company identifies the existence of hyperinflation in the economy of its functional currency, when the economy was not hyperinflationary in the prior period. As none of the Group companies operate in a hyperinflationary economy this interpretation does not affect the Group's financial statements.

IFRIC 8 - Scope of IFRS 2

This interpretation considers transactions involving the issuance of equity instruments – where the identifiable consideration received is less than the fair value of the equity instruments issued – to establish whether or not they fall within the scope of IFRS 2. This interpretation will not affect the Group's financial statements.

IFRIC 9 - Reassessment of Embedded Derivatives

This interpretation requires an entity to assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative when the entity first becomes a party to the contract. This interpretation is not relevant to the Group's operations.

IFRIC 10 - Interim Financial Reporting and Impairment

This interpretation prohibits the impairment losses recognised in an interim period on goodwill, investments in equity instruments and investments in financial assets carried at cost to be reversed at a subsequent balance sheet date. This interpretation does not have any impact on the Group's financial statements.

Standards & Interpretations effective after 1 January 2008

IFRS 8 - Operating Segments

This standard is effective for annual periods beginning on or after 1 January 2009 and supersedes IAS 14, under which segments were identified and reported based on a risk and return analysis. Under IFRS 8 segments are components of an entity regularly reviewed by the entity's chief operating decision maker and are reported in the financial statements based on this internal component classification. The Group will apply IFRS 8 from 1 January 2009.

IFRIC 11 - IFRS 2: Group and Treasury share transactions

This interpretation is effective for annual periods beginning on or after 1 March 2007 and clarifies the treatment where employees of a subsidiary receive the shares of a parent. It also clarifies whether certain types of transactions are accounted for as equity-settled or cash-settled transactions. This interpretation is not expected to have any impact on the Group's financial statements.

IFRIC 12 - Service Concession Arrangements

This interpretation is effective for annual periods beginning on or after 1 January 2008 and applies to companies that participate in service concession arrangements. This interpretation is not relevant to the Group's operations.

4. Critical accounting estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under current circumstances.

4.1 Critical accounting estimates and assumptions

The Group makes estimates and assumptions concerning the future. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year concern income tax.

The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required by the Group Management in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain. If the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax.

4.2 Critical judgements in applying the entity's accounting policies

There are no areas that Management required to make critical judgements in applying accounting policies.

Notes to the Financial Statements Frigoglass Group

in € 000's

Note 5 - Segment Information

A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments A geographical segment is engaged in providing products or services within a particular economic environment that are subject to risks and returns that are different from those of segments operating in other economic environments

A. Analysis per business segments - Primary Reporting Format

1. Cool Operation, 2. Glass Operation, 3. Plastic Operation, 4. Crown& Pet The discontinuing operations comprise to the Pet Operation of VPI SA

B. Analysis per Geographical segments - Secondary Reporting Format

1. Europe, 2. Africa, 3. Asia & Oceania

The consolidated balance sheet and profit & loss accounts per business and geographical segments are described below:

Analysis per Business & Geographical segments

a) Analysis per Business segment :

	Profit & Loss Account analysis
				Period end:	30/06/2007	30/06/2007
					Total	Total
	Cool	Glass	Plastics	Crowns	Continuing	Discontinuing
				Pet	Operations	Operations
Sales	259.649	18.154	5.023	7.727	290.553
Operating Profit	57.510	2.638	974	75	61.197
Finance costs					-2.853
Income tax expense					-16.633
Profit for the year					41.711
Depreciation	6.107	2.910	363	684	10.064
Gains / from Restructuring
Activities
Impairment of Trade Receivables	104				104
Impairment of Inventory	106	28			134

	30/06/2006	28/2/2006
					Total	Total
	Cool	Glass	Plastics	Crowns	Continuing	Discontinuing
				Pet	Operations	Operations
Sales	231.267	14.533	4.305	8.661	258.766	10.534
Operating Profit	49.728	2.300	1.334	-239	53.123	124
Finance costs					-3.631	-124
Income tax expense					-14.897
Profit for the year					34.595
Depreciation	5.537	2.350	337	837	9.061	577
Gains / from Restructuring
Activities	-817				-817
Impairment of Trade Receivables	295	12			307
Impairment of Inventory	531	31			562

Balance Sheet
				Period end:	30/06/2007	30/06/2007
					Total	Total
	Cool	Glass	Plastics	Crowns	Continuing	Discontinuing
				Pet	Operations	Operations
Total Assets	310.074	50.938	11.907	18.936	391.855
Total Liabilities	160.642	14.436	1.313	23.391	199.782
Capital Expenditure	14.184	1.108	297	543	16.132
					Note 6 & 7
				Period end:	31/12/2006	28/2/2006
					Total	Total
	Cool	Glass	Plastics	Crowns	Continuing	Discontinuing
				Pet	Operations	Operations
Total Assets	241.450	53.061	11.161	16.435	322.107	65.348
Total Liabilities	129.202	12.524	1.248	16.888	159.862	35.685
Capital Expenditure	16.975	6.086	609	650	24.320	450
					Note 6 & 7	Note 6

Segment assets consist primarily of property, plant and equipment, intangible assets, inventories, receivables and operating cash. Segment liabilities comprise operating liabilities.

Capital Expenditure comprises additions to property, plant equipment & intangible assets. 11

b) Analysis per Geographical Segment :

30/06/2007 28/2/2006
Discontinuing Operations
9.457
1.077
10.534
30/06/2007 28/2/2006
Discontinuing Operations

Sales are allocated based on the country in which the customers of the Group are located. Total Assets are allocated based on the where the assets are located. Capital Expenditure is allocated based on where the assets are located.

in € 000's

Note 6- Group Property, plant and equipment

For the period ended		Building &	Machinery		Furniture
June 2007	Land	Technical	Technical	Motor	and
		Works	Installation	Vehicles	Fixture	Total
Historic Cost
Open Balance on 01/01/2007	6.723	54.702	128.177	3.809	8.999	202.410
Additions		252	3.804	159	747	4.962
Advances & Construction in Progress		6.587	3.511		224	10.322
Disposals	-1.018	-724	-680	-166	-132	-2.720
Exchange Differences	25	726	-38	6	43	762
Closing Balance on 30/06/2007	5.730	61.543	134.774	3.808	9.881	215.736
Accumulated Depreciation
Open Balance on 01/01/2007	12	10.743	65.393	2.502	6.722	85.372

Open Balance on 01/01/2007	12	10.743	65.393	2.502	6.722	85.372
Additions		1.125	6.224	231	516	8.096
Disposals		-67	-752	-213	-131	-1.163
Exchange Differences		284	-59	7	39	271
Closing Balance on 30/06/2007	12	12.085	70.806	2.527	7.146	92.576
Net Book Value on 30/06/2007	5.718	49.458	63.968	1.281	2.735	123.160

For the period ended December 2006	Land	Building & Technical	Machinery Technical	Motor	Furniture and
		Works	Installation	Vehicles	Fixture	Total
Historic Cost Open Balance on 01/01/2006 6.516 50.905 126.619 3.735 8.729 196.504
Additions	683	4.521	12.045	546	1.011	18.806
Advances & Construction in Progress		354	3.285		60	3.699
Disposals	-12	-84	-3.755	-304	-1.119	-5.274
Transfer to / from & reclassification		130	-1.221	57	653	-381
Exchange Differences	-464	-1.124	-8.346	-225	-335	-10.494
#REF!			-450			-450
Closing Balance on 31/12/2006	6.723	54.702	128.177	3.809	8.999	202.410
		Accumulated Depreciation
Open Balance on 01/01/2006	12	8.765	62.106	2.409	6.515	79.807
Additions		2.206	10.980	476	958	14.620
Disposals		-73	-3.247	-247	-867	-4.434
Transfer to / from & reclassification			-522	7	368	-147
Exchange Differences		-155	-3.924	-143	-252	-4.474
Closing Balance on 31/12/2006	12	10.743	65.393	2.502	6.722	85.372

Net Book Value on 31/12/2006 6.711 43.959 62.784 1.307 2.277 117.038

The total value of pledged group assets as at 30/06/2007 was € 7.213 th. (31/12/2006: € 7.188 th. )

Note

Note 7- Group Intangible assets

in € 000's

For the period ended		Patterns &	Software &
June 2007	Development	Trade	Other Intangible
	Costs	Marks	Assets	Total
	Historic Cost
Open Balance on 01/01/2007	11.439	683	6.835	18.957
Additions	63		380	443
Advances & Construction in Progress	388		17	405
Exchange Differences	133	5	41	179
Closing Balance on 30/06/2007	12.023	688	7.273	19.984
	Accumulated Depreciation
Open Balance on 01/01/2007	8.267	683	4.824	13.774
Additions	553		405	958
Exchange Differences	101	5	30	136
Closing Balance on 30/06/2007	8.921	688	5.259	14.868
Net Book Value on 30/06/2007	3.102		2.014	5.116

For the period ended December 2006	Development	Patterns & Trade	Software & Other Intangible
	Costs Historic Cost	Marks	Assets	Total
Open Balance on 01/01/2006 10.410 867 5.199 16.476
Additions	820		1.195	2.015
Advances & Construction in Progress	149		101	250
Transfer to /from and reclassification	236	-186	334	384
Exchange Differences	-102		6	-96
Impairment charge	-74			-74
Assets held for sale		2		2
Closing Balance on 31/12/2006	11.439	683	6.835	18.957
	Accumulated Depreciation
Open Balance on 01/01/2006	7.308	812	3.905	12.025
Additions	1.116	3	632	1.751
Transfer to /from and reclassification		-134	281	147
Exchange Differences	-86	2	6	-78
Impairment charge	-71			-71
Closing Balance on 31/12/2006	8.267	683	4.824	13.774

Net Book Value on 31/12/2006 3.172 2.011 5.183

Note 6-	Parent Company		Property, plant and equipment
in € 000's
For the period ended		Building &	Machinery		Furniture
June 2007	Land	Technical	Technical	Motor	and
		Works	Installation	Vehicles	Fixture	Total
		Historic Cost
Open Balance on 01/01/2007	303	8.789	15.176	347	2.995	27.610
Additions		26	267	15	166	474
Intergroup Purchases/					6	6
Disposals			-3	-18		-21
Closing Balance on 30/06/2007	303	8.815	15.440	344	3.167	28.069
		Accumulated Depreciation
Open Balance on 01/01/2007		1.120	9.920	267	2.299	13.606
Additions		200	701	12	162	1.075
Disposals			-3	-18		-21
Closing Balance on 30/06/2007		1.320	10.618	261	2.461	14.660
Net Book Value on 30/06/2007	303	7.495	4.822	83	706	13.409

For the period ended December 2006	Land	Building & Technical	Machinery Technical	Motor	Furniture and
		Works	Installation	Vehicles	Fixture	Total
		Historic Cost
Open Balance on 01/01/2006	303	8.654	13.891	390	3.010	26.248
Additions		134	1.362	1	237	1.734
Advances & Construction in Progress			89		23	112
Intergroup Purchases/			80			80
Disposals			-10	-44	-128	-182
Transfer to / from & reclassification		1	-236		-147	-382
Closing Balance on 31/12/2006	303	8.789	15.176	347	2.995	27.610
		Accumulated Depreciation
Open Balance on 01/01/2006		724	8.520	286	2.235	11.765
Additions		396	1.409	25	338	2.168
Disposals				-44	-128	-172
Intergroup Purchases/			-9			-9
Transfer to / from & reclassification					-146	-146
Closing Balance on 31/12/2006		1.120	9.920	267	2.299	13.606
Net Book Value on 31/12/2006	303	7.669	5.256	80	696	14.004

There are no pledged assets for the parent company.

Note 7-	Parent Company	Intangible assets

For the period ended		Patterns &	Software &
June 2007	Development	Trade	Other Intangible
	Costs	Marks	Assets	Total
	Historic Cost
Open Balance on 01/01/2007	8.052	35	4.982	13.069
Additions	28		188	216
Advances & Construction in Progress	287			287
Disposals			-3	-3
Closing Balance on 30/06/2007	8.367	35	5.167	13.569
	Accumulated Depreciation
Open Balance on 01/01/2007	5.636	35	3.635	9.306
Additions	454		286	740
Disposals			-3	-3
Closing Balance on 30/06/2007	6.090	35	3.918	10.043
Net Book Value on 30/06/2007	2.277		1.249	3.526

For the period ended December 2006	Development Costs	Patterns & Trade Marks	Software & Other Intangible Assets	Total
	Historic Cost
Open Balance on 01/01/2006	7.135	35	4.022	11.192
Additions	633		764	1.397
Advances & Construction in Progress	48		49	97
Transfer to / from & reclassification	236		147	383
Closing Balance on 31/12/2006	8.052	35	4.982	13.069
	Accumulated Depreciation
Open Balance on 01/01/2007	4.668	35	3.082	7.785
Additions	968		406	1.374
Transfer to / from & reclassification			147	147
Closing Balance on 31/12/2006	5.636	35	3.635	9.306
Net Book Value on 31/12/2006	2.416		1.347	3.763

in € 000's

Group			Parent Company
Note 8 -	Inventories
Inventories	30/06/2007	31/12/2006	30/06/2007	31/12/2006
Raw Materials	51.237	52.842	4.204	5.207
Work in progress	4.166	3.230	219	456
Finished goods	31.251	45.874	5.001	12.679
Less: Provisions	-6.771	-7.245	-848	-962
Total Inventories	79.883	94.701	8.576	17.380

Note 9 - Trade debtors

Trade Debtors	30/06/2007	31/12/2006	30/06/2007	31/12/2006
Trade Debtors	132.452	44.182	21.306	3.164
Less: Provisions for impairment of receivables	-2.141	-2.231	-297	-309
Total Trade Debtors	130.311	41.951	21.009	2.855

The fair value of trade debtors closely approximate their carrying value. The Group and the company have a significant concentration of credit risk with specific customers.

Note 10 - Other debtors

Other Debtors	30/06/2007	31/12/2006	30/06/2007	31/12/2006
VAT Receivable	13.094	18.337	3.512	12.090
Advances & Prepayments	4.583	3.786	366	372
Other Debtors	2.030	1.540	134	86
Total Other Debtors	19.707	23.663	4.012	12.548

The fair value of other debtors closely approximate their carrying value.

Note 11- Cash & Cash Equivalents

Cash & Cash equivalents	30/06/2007	31/12/2006	30/06/2007	31/12/2006
Cash at bank and in hand	516	2.497	72	8
Short term bank deposits	16.042	15.723	402	2.263
Total Cash & Cash equivalents	16.558	18.220	474	2.271

The effective interest rate on short term bank deposits for June 2007 : 5,18% ( December 2006: 5,19% )

30/06/2007	31/12/2006	30/06/2007	31/12/2006
2.114	1.474	387	340
3.329	908
1.105	1.268	525	762
68	90	68	90
2.647	12.489	33	424
16.459	12.802	5.283	3.388
2.446	3.720	631	549
28.168	32.751	6.927	5.553
		Other creditors

The fair value of other creditors closely approximate their carrying value.

Note 13 - Non Current & Current Borrowings

		in € 000's
--	--	------------

	_________

Non Current Borrowings	30/06/2007	31/12/2006
Bank Loans	2.918	875
Debenture Loan
Total Non Current Borrowings	2.918	875

Current Borrowings	30/06/2007	31/12/2006	30/06/2007	31/12/2006
Bank overdrafts	2.964	1.301
Bank Loans	65.163	36.641	17.984
Current portion of non current debenture
loan	325	14.581		14.237
Total Current Borrowings	68.452	52.523	17.984	14.237
Total Borrowings	71.370	53.398	17.984	14.237

The maturity of Non Current
Borrowings	30/06/2007	31/12/2006	30/06/2007	31/12/2006
Between 1 & 2 years	142	16
Between 2 & 5 years	1.354	859
Over 5 years	1.422
Total Non Current Borrowings	2.918	875

Effective interest rates at the balance
sheet date of:	30/06/2007	31/12/2006	30/06/2007	31/12/2006
Non current borrowings	10,41%	10,55%
Bank overdrafts	5,14%	8,03%
Current borrowings	5,57%	5,04%	5,30%	4,58%

30/06/2007	31/12/2006

Group Parent Company

30/06/2007	31/12/2006
17.984
	14.237
17.984	14.237
17.984	14.237

30/06/2007	31/12/2006

30/06/2007	31/12/2006
5,30%	4,58%

The Foreign Currency exposure of Bank borrowings is as follows:
		30/06/2007			31/12/2006
	Current	Non Current		Current	Non Current
	Borrowings	Borrowings	Total	Borrowings	Borrowings	Total
		Group			Group
-EURO	54.161		54.161	38.427		38.427
-USD	8.327		8.327	8.921		8.921
-PLN	4.626		4.626	2		2
-NAIRA	492	15	507	378	16	394
-NOK	581	1.991	2.572	1.548		1.548
-RUR				2.903		2.903
-INR	265	912	1.177	344	859	1.203
Total	68.452	2.918	71.370	52.523	875	53.398
		Parent Company			Parent Company
-EURO	17.984		17.984	14.237		14.237
-USD
Total	17.984		17.984	14.237		14.237

The extent of Group and parent company, exposure to fluctuations of interest rate,

is consider to be for periods less than six months when repricing occurs.

The fair value of current and non current borrowings closely approximates their carrying value,

since the company borrows at floating interest rates, which are repriced in periods shorter than six months.

The total value of pledged group assets as at 30/06/2007 was € 7.213 th. (31/12/2006: € 7.188 th. )

There are no pledged assets for the parent company.

On 03/02/2004 the Parent company issued a € 35.000.000 debenture loan, in order to refinance its bank borrowings. The debenture loan is payable in instalments which expiring on 20/02/2011.

There are no encumbrances or pledged over the parent company's assets but the parent company

is required to comply with covenants relating to the sufficiency of solvency,

profitability and liquidity ratios as described below.

a) Total Bank Borrowing to EBITDA - Earnings before interest tax depreciation and amortization

b) Total Liabilities to Total Equity

c) EBITDA

The company proceeded to the complete repayment of the debenture loan at 20/02/2007

in € 000's
		30/06/2007		31/12/2006
		Provision for
		impairment of
Companies	Historic Cost	investments	Net Book Value Net Book Value
Coolinvest Holding Limited (Cyprus)	24.396	-4.670	19.726	19.726
Frigorex Cyprus Limited (Cyprus)	482		482	482
Letel Holding Limited (Cyprus)	60.254	-41.743	18.511	18.511
Nigerinvest Holding Limited (Cyprus)	7.384	-1.209	6.175	6.175
Total	92.516	-47.622	44.894	44.894

The subsidiaries of the Group, the nature of their operation and their shareholding status as at 30/06/2007 are described below:

	Country of		Consolidation	Group
Companies	incorporation	Nature of the operation	Method	Percentage
Frigoglass SAIC - Parent Company	Hellas	Ice Cold Merchandisers (ICMs)	Parent Company
Frigoglass Romania SRL	Romania	Ice Cold Merchandisers (ICMs)	Full	100%
Frigorex Indonesia PT	Indonesia	Ice Cold Merchandisers (ICMs)	Full	100%
Frigoglass South Africa Ltd	S. Africa	Ice Cold Merchandisers (ICMs)	Full	100%
Frigoglass Eurasia LLC	Eurasia	Ice Cold Merchandisers (ICMs)	Full	100%
Frigoglass (Guangzhou) Ice Cold Equipment Co,.Ltd. China		Ice Cold Merchandisers (ICMs)	Full	100%
Scandinavian Appliances A.S	Norway	Ice Cold Merchandisers (ICMs)	Full	100%
Frigoglass Ltd.	Ireland	Ice Cold Merchandisers (ICMs)	Full	100%
Frigoglass Iberica SL	Spain	Ice Cold Merchandisers (ICMs)	Full	100%
Frigoglass Sp zo.o	Poland	Ice Cold Merchandisers (ICMs)	Full	100%
Frigoglass India PVT.Ltd.	India	Ice Cold Merchandisers (ICMs)	Full	100%
Frigorex East Africa Ltd.	Kenya	Sales Office	Full	100%
Frigoglass GmbH	Germany	Sales Office	Full	100%
Frigoglass Nordic	Norway	Sales Office	Full	100%
Frigoglass France SA	France	Sales Office	Full	100%
Beta Glass Plc.	Nigeria	Glass operation	Full	53,823%
Frigoglass Industries (Nig.) Ltd	Nigeria	Crowns,Plastics, Pet, ICMs	Full	76,027%
TSG Nigeria Ltd.	Nigeria	Glass operation	Full	54,888%
Beta Adams Plastics	Nigeria	Plastics operation	Full	76,027%
3P Frigoglass Romania SRL	Romania	Plastics operation	Full	100%
Coolinvest Holding Limited	Cyprus	Holding Company	Full	100%
Frigorex Cyprus Limited	Cyprus	Holding Company	Full	100%
Letel Holding Limited	Cyprus	Holding Company	Full	100%
Norcool Holding A.S	Norway	Holding Company	Full	100%
Nigerinvest Holding Limited	Cyprus	Holding Company	Full	100%
Deltainvest Holding Limited	Cyprus	Holding Company	Full	100%

Note 15 - Share capital

The share capital of the company comprises of 40.000.000 fully paid up shares of € 1.0 each.

The share premium accounts represents the difference between the issue of shares (in cash) and their par value cost.

At the Annual General Meeting of the shareholders on 9 June 2006 the increase of the Company's share capital through the capitalisation of a portion of the special reserve account "shares premium", by the amount of EUR 50,4 m was approved as well as the decrease of the Company's share capital by an equal amount so as to offset losses resulting from the first application of IFRS (Change of basis of accounting).

			in € 000's
	Number of
	Shares
	(in ths.)	Ordinary shares Share premium		Total
Balance on 01/01/2007	40.000	40.000	6.846	46.846
Balance on 30/06/2007	40.000	40.000	6.846	46.846

Note 14 - Parent Company Investments in subsidiaries

in € 000's

Note 16 - Other Reserves

Group

	Statutory Reserves	Reserves by article of incorporation based on Tax legistration	Extraordinary reserves	Tax free reserves	Currency Translation Differences	Total
Open Balance on 01/01/2006	1.656	571	9.782	18.151	-1.112	29.048
Transfer from / to		-571	571
Disposal of Investments	-250			-1.382		-1.632
Exchange Differences	40		-477		-1.813	-2.250
Transfer from retained earnings	433					433
Closing Balance on 31/12/2006	1.879		9.876	16.769	-2.925	25.599
Open Balance on 01/01/2007	1.879		9.876	16.769	-2.925	25.599
Exchange Differences	16		-38		-2.563	-2.585
Transfer from P&L of the year	853			1.002		1.855
Closing Balance on 30/06/2007	2.748		9.838	17.771	-5.488	24.869

Parent Company

	Statutory Reserves	Reserves by article of incorporation based on Tax legistration	Extraordinary reserves	Tax free reserves	Total
Open Balance on 01/01/2006	1.247	571	4.264	16.775	22.857
Transfer from / to		-571	571
Transfer from retained earnings	433			-5	428
Closing Balance on 31/12/2006	1.680		4.835	16.770	23.285
Open Balance on 01/01/2007	1.680		4.835	16.770	23.285
Transfer from retained earnings	853			1.002	1.855
Closing Balance on 30/06/2007	2.533		4.835	17.772	25.140

A statutory reserve is created under the provisions of Hellenic law (Law 2190/20, articles 44 and 45) according to which, an amount of at least 5% of the profit (after tax) for the year must be transferred to this reserve until it reaches one third of the paid share capital. The statutory reserve can not be distributed to the shareholders of the Company except for the case of liquidation.

The Company has created tax free reserves, taking advances off various Hellenic Taxation laws, during the years, in order to achieve tax deductions, either by postponing the tax liability till the reserves are distributed to the shareholders, or by eliminating any future income tax payment by issuing new shares for the shareholders of the company. Should the reserves be distributed to the shareholders as dividends, the distributed profits will be taxed with the rate that was in effect at the time of the creation of the reserves. No provision has been created in regard to the possible income tax liability in the case of such a future distribution of the reserves the shareholders of the company as such liabilities are recognized simultaneously with the dividends distribution.

in € 000's

Note 17 - Financial Expenses

	Group			Parent Company
	30/06/2007	30/06/2006	30/06/2007	30/06/2006
Finance Expense	2.279	2.322	552	812
Finance Income	-199	-146	-21	-10
Exchange Loss/ (Gain)	773	1.455	62	146
Finance Cost	2.853	3.631	593	948

Note 18- Unaudited Tax Years

Note: For some countries the tax audit is not obligated and is taken place under specific requirements.

Company	Country	Periods	Operation
Frigoglass SAIC - Parent Company	Hellas	2005-2006	Ice Cold Merchandisers (ICMs)
Frigoglass Romania SRL	Romania	2006	Ice Cold Merchandisers (ICMs)
Frigorex Indonesia PT	Indonesia	2006	Ice Cold Merchandisers (ICMs)
Frigoglass South Africa Ltd	S. Africa	2003-2006	Ice Cold Merchandisers (ICMs)
Frigoglass Eurasia LLC	Eurasia	2006	Ice Cold Merchandisers (ICMs)
Frigoglass (Guangzhou) Ice Cold Equipment
Co,. Ltd.	China	2006	Ice Cold Merchandisers (ICMs)
Scandinavian Appliances A.S	Norway	2003-2006	Ice Cold Merchandisers (ICMs)
Frigoglass Ltd.	Ireland	2000-2006	Ice Cold Merchandisers (ICMs)
Frigoglass Iberica SL	Spain	2002-2006	Ice Cold Merchandisers (ICMs)
Frigoglass Sp zo.o	Poland	2002-2006	Ice Cold Merchandisers (ICMs)
Frigoglass India PVT.Ltd.	India	2004-2006	Ice Cold Merchandisers (ICMs)
Beta Glass Plc.	Nigeria	2004-2006	Glass Operation
Frigoglass Industries (Nig.) Ltd	Nigeria	1999-2006	Crowns, Plastics, Pet, ICMs
TSG Nigeria Ltd.	Nigeria	1999-2006	Glass Operation
Beta Adams Plastics	Nigeria	1999-2006	Plastics Operation
3P Frigoglass Romania SRL	Romania	2004-2006	Plastics Operation
Frigorex East Africa Ltd.	Kenya	2002-2006	Sales Office
Frigoglass GmbH	Germany	2001-2006	Sales Office
Frigoglass Nordic	Norway	2003-2006	Sales Office
Frigoglass France SA	France	2003-2006	Sales Office
Coolinvest Holding Limited	Cyprus	1999-2006	Holding Company
Frigorex Cyprus Limited	Cyprus	1999-2006	Holding Company
Letel Holding Limited	Cyprus	1999-2006	Holding Company
Norcool Holding A.S	Norway	1999-2006	Holding Company
Nigerinvest Holding Limited	Cyprus	1999-2006	Holding Company
Deltainvest Holding Limited	Cyprus	1999-2006	Holding Company

The tax rates in the countries where the Group operates are between 10% and 40%.

Some of non deductible expenses and the different tax rates in the countries that the Group operates, create a tax rate for the Group approximately of 28,5% (Greek Taxation Rate is 25%)

The main reasons that the 2006 effective tax rate of 30,1% reduced to 28,5% for 2007 are disclosed below:

a) There is a significant reduction of non profitable companies

b) The tax rates, in the countries where the Group operates, have been reduced.

The tax returns for the Parent Company and for the Group subsidiaries have not been assessed by tax authorities for different periods. Until the tax audit assessment for the companies described in the table above is completed, the tax liability can not be finalized for those years.

Note 19 - Related Party Transactions

The component of the company's shareholders on 30/06/2007 was: BOVAL S.A. 44.1%,

Deutsche Bank 8%, Institutional Investors 30,84%, and Other Investors 17,06%.

The Coca Cola Hellenic Bottling Company is a non alcoholic beverage company listed in stock exchanges of Athens, New York, London & Australia. Except from the common share capital involvement of BOVAL S.A at 30.2%, with CCHBC, Frigoglass is the majority shareholder in Frigoglass Industries Limited based on Nigeria, where CCHBC also owns a 18% equity interest.

a) The amounts of related party transactions ( sales and receivables) were:

		Group	Parent Company
amounts in 000's €	30/06/2007	30/06/2006	30/06/2007	30/06/2006
Sales	106.151	107.822	20.877	26.802
Receivables	36.780	58.294	9.817	19.059

Based on a contract signed on 1999, which was renewed on 2004 and expires on 31/12/2008 the CCHBC Group purchases from the Frigoglass Group at yearly negotiated prices for at least 60% of its needs in ICM's, Bottles, Pet & Crowns. The above transactions are executed at arm's length.

b) The intercompany transaction of the parent company with the rest of subsidiaries were:

amounts in 000's €	30/06/2007	30/06/2006
Sales of Goods	28.985	31.726
Purchases of Goods	15.639	14.387
Dividend Income	3.027
Receivables	34.390	37.163
Payables	4.854	4.787

The above transactions are executed at arm's length.

c) Other Operating Income: Parent Company

amounts in 000's €	30/06/2007	30/06/2006
Other Operating Income	11.128	9.770

The majority portion of Other Operating Income refers to management fees charged to the Group's subsidiaries.

(included wages, stock option, indemnities and other employee benefits) d) Fees to members of the Board of Directors and Management compensation

		Group	Parent Company
amounts in 000's €	30/06/2007	30/06/2006	30/06/2007	30/06/2006
Fees of member of Board of Directors	104	109	104	109
Management compensation	1.832	2.030	1.832	2.030
Receivables from management & BoD members	-	-	-	-
Payables to management & BoD members	-	-	-	-

Note 20 - Earnings per share

Basic & Diluted earnings per share from continuing and discontinuing operations

Basic and Diluted earnings per share are calculated by dividing the profit attributable to equity holders of Parent Company, by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the company (treasury shares)

Continuing Operations	Group		Parent Company
amounts in 000's Euro (except per share)	30/06/2007	30/06/2006	30/06/2007	30/06/2006
Profit attributable to equity holders of the company	40.651	33.686	7.498	7.014
Weighted average number of ordinary shares	40.000.000	40.000.000	40.000.000	40.000.000
Basic and diluted earnings per share from continuing
operations	1,02	0,84	0,19	0,18

Discontinuing Operations	Group		Parent Company
amounts in 000's Euro (except per share)	30/06/2007	30/06/2006	30/06/2007	30/06/2006
Profit attributable to equity holders of the company				307
Weighted average number of ordinary shares	40.000.000	40.000.000	40.000.000	40.000.000
Basic and diluted earnings per share from discontinuing
operations				0,01

Note 21 -Contingent Liabilities

The Parent company has contingent liabilities in respect of bank guarantees on behalf of its subsidiaries arising from the ordinary course of business as follows:

in € 000's
30/06/2007	31/12/2006
128.912	119.911

The Group did not have any contingent liabilities as at 30/06/2007 and 31/12/2006.

There are no pending litigation, legal proceedings, or claims which are likely to affect the financial statements or the operations of the Group and the parent company.

The tax returns for the Parent Company and for the Group subsidiaries have not been assessed by the tax authorities for different periods. (see Note 18 )

The management of the Group believes that no significant additional taxes besides of those recognised in the financial statements will be finally assessed.

in € 000's

Note 22 - Assets held for Sale

On December 15, 2005 Frigoglass announced the sale of its stockholding in VPI SA. Frigoglass is a stockholder of 51% of VPI SA based at the city of Volos. The final agreement was signed on 28/2/2006.

The Parent company's investment in VPI SA amount to € 12.998 ths.

The purchase price for the shares amounts to €15.000 ths., €12.000 ths will be paid upon completion of the transaction under the condition that the net asset position of VPI will be at least € 30.000 ths., while the balance will be paid in three equal annual instalments till January 2009,

and is linked to the condition that VPI's sales will remain at their present level.

The completion of VPI sale was approved by the Greek Minister of Economy and Finance, given that VPI S.A has received government grants

under law 1892/1990. The sale of VPI shares is consistent with the Frigoglass Group strategy to focus on its core business on ICM. (VPI paid dividends on 2004 and on 2005 of € 1.011 ths. to Frigoglass SAIC).

Balance sheet and income statement of VPI SA are shown below:

	V.P.I S.A
Balance Sheet	30/06/2007	28/2/2006	31/12/2006
Assets:
Property, plant and equipment		36.698	40.117
Intangible assets		170	276
Other long term assets		26	21
Total Non current assets		36.894	Parent Company 40.414
Inventories		11.869	10.706
Trade debtors		15.661	16.919 Profit for the period from discontinued operations:
Other debtors		526	1.179 From : 01/01/06 till 28/02/06
Marketable securities		88	88 Purchase price for the shares	15.000
Cash & Cash Equivalents		310	43 Parent company's investment in VPI SA	-12.998
Total current assets		28.454	28.935 Provisions for Net Present Value &
Total Assets		65.348	69.349 expected realization percentages of the contract terms	-872
			Profit before income tax	1.130
Liabilities:			Income tax expense	-823
Long term borrowings		2.504	5.007 Profit for the period after income tax	307
Deferred Income tax liabilities		1.068	389
Retirement benefit obligations		411	354
Deferred income from government grants		4.747	5.364
Total Non current liabilities		8.730	11.121
Trade creditors		10.867	12.221
Other creditors		1.319	1.471
Short term borrowings		14.769	CASH FLOW STATEMENT 13.089
Total current liabilities		26.955	28.032
Total Liabilities		35.685	39.153 From : 01/01/06 till 28/02/06
			Proceeds from investment disposal	12.000
Total Equity		29.663	30.196 Cash at banks & in hand on the date of sale	-310
Total Liabilities and equity		65.348	Net Proceeds from investment disposal	11.690

Income Statement	From : 01/ 01 ' till
	30/06/2007	28/2/2006
Sales		10.534
Cost of goods sold		-10.086
Gross profit		448
Administration expenses		-453
Selling, Distribution & Marketing expenses		-15
Research & Development expenses		-3
Other operating income		147
Other Losses / - Net
Operating Profit		124
Finance costs		-124
Profit before income tax from discontinuing operations
Income tax expense
Profit for the year after income tax from
discontinued operations
Pre tax loss recognized on the remeasurement
of assets of disposal
Profit for the year after income tax from
discontinued operations
Depreciation		577
EBITDA		701

CASH FLOW STATEMENT	30/06/2007	28/2/2006
(a) Net cash generated from operating activities		1.101
(b) Net cash generated from investing activities		-461
(c) Net cash generated from financing activities		-835
Net increase (decrease) in cash and cash equivalents		-195

Parent Company

Profit before income tax	1.130

Proceeds from investment disposal	12.000

Note 23 - Seasonality of Operations

in € 000's

Sales
Period	2004		2005		2006		2007
Q1	76.482	29%	86.320	28%	116.556	29%	133.930
Q2	85.809	32%	98.089	32%	142.209	35%	156.623
Q3	49.321	19%	59.114	19%	78.998	20%
Q4	52.590	20%	63.306	21%	63.276	16%
Total	264.202	100%	306.829	100%	401.039	100%	290.553

As shown above the Group's operations exhibit seasonality, therefore interim period sales should not be used for forecasting annual sales.

Consequently the level of the working capital required for the remaining months of the year will vary from the requirements of the current period

Note 24 - Post-Balace Sheet Events

There are no Post-Balance Events which are likely to affect the financial statements or the operations of the Group and the parent company.

Note 25 - Average number of personnel

Average number of personnel per operation for the Group & for the Parent company are listed below:

Operations	30/06/2007	31/12/2006
Cool Operations	3.613	3.064
Nigeria Operations	1.363	1.370
Plastics Operation	70	66
Group	5.046	4.500
Parent Company	533	687

Note 26 - /Gains from restructuring activities

The losses from restructuring activities refer to the restructuring in Ireland Plant and the transfer of its production activity to Poland,as well as the restructuring of operations in Nigeria.

[Translation from the original text in Hellenic] Report on review of interim financial information To the Shareholders of Frigoglass S.A.I.C

Introduction

We have reviewed the accompanying condensed balance sheet of Frigoglass S.A.I.C (the "Company") as well and the accompanying condensed balance sheet of the Company and its subsidiaries (the "Group") as of 30 June 2007 and the related condensed statements of income, changes in equity and cash flows of the Company and the Group for the six-month period then ended which also include certain explanatory notes. Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with International Financial Reporting Standards as adopted by the European Union and as applicable to interim financial reporting ("IAS 34"). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" to which Hellenic Auditing Standards refer to. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Greek Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Review Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information is not prepared, in all material respects, in accordance with IAS 34.

Athens, 2 August 2007

THE CERTIFIED AUDITOR Constantinos Michalatos SOEL Reg. No. 17701

PricewaterhouseCoopers S.A. 268 Kifissias Avenue 152 32 Halandri SOEL Reg. No. 113