Frigoglass S.A.

Quarterly Report • Sep 28, 2015

FRIGOGLASS S.A.I.C.

COMMERCIAL REFRIGERATORS Company's Number in the Register of Societes Anonymes: 29454/06/Β/93/32

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

SUMMARY FINANCIAL STATEMENTS for the period 1st January to 30 September 2006 According to the Resolution 2/396/31.8.2006 of the Hellenic Capital Market Commission's BoD

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.

Company's STATUTORY INFORMATION

Company's Web Address: Date of Approval of the Financial Statements : Auditor's Name: Auditors Firm: Report of the Auditors:	14 December 2006 Kyriacos Riris Not Reauired	www.frigoglass.com PricewaterhouseCoopers
	1.1. BALANCE SHEET
(in € 000's)		GROUP		COMPANY
ASSETS	30/09/06	31/12/05	30/09/06	31/12/05
Property, plant and equipment	112,320	116,697	14,178	14,483
Intangible Assets	4,247	4,451	3,269	3,407
Investments in subsidiaries	0	0	44,895	44,895
Deferred income tax assets	1,379	1,241	0	0
Other Long term assets	~~3,436	``~1,184	~2,599	~`~~156
Total Non Current Assets	121,382	123,573	64,941	~62,941
Inventories	70,913	81,217	10,452	9,271
Trade debtors	66,833	49,787	9,024	9,463
Other debtors Income Tax advances	24,422 9,791	21,387 7,290	12,675 7,232	7,933 4,596
Intergroup receivables	0	0	36,366	31,670
Cash at banks & in hand	16,731	12,106	2,095	393
Assets held for sale	~~~~~0 | ~66,552 | ``~~~~0	~12,998
Total Current Assets	188,690	238,339	``77,844	~76,324
Total Assets	310,072	361,912	142,785	139,265
LIABILITIES:
Long term borrowings	8,941	18,304	8,000	17,000
Deferred income tax liabilities	10,936	9,673	1,476	572
Retirement benefit obligations	13,698	13,488	6,904	5,821
Provisions for other liabilities & charges	8,762	6,421	4,158	3,462
Deferred income from government grants	~~~320 | ~~~366	~~213 | ~~~251
Total Non Current Liabilities	~42,657	~48,252	20,751	~27,106
Trade creditors	24,245	27,059	6,637	8,602
Other creditors	20,022	26,933	4,682	5,376
Current income tax liabilities Intergroup payables	10,202 0	5,945 0	5,904 837	3,065 705
Short term borrowings	50,703	62,259	20,048	17,107
Liabilities associated with assets classified as held for sale	~~~~~0 | ~36,890 |~~~~~0	`~~~~~0
Total Current Liabilities	105,172	159,086	38,108	34,855
Total Liabilities (a)	147,829	207,338	58,859	61,961
EQUITY:
Share capital	40,000	40,000	40,000	40,000
Share premium	6,846	57,245	6,846	57,245
Other reserves	22,886	29,048	23,290	22,857
Retained earnings / (loss)	72,291	–8,809	13,790	–42,798
Equity attributable to company shareholders (b)	142,023	117,484	83,926	77,304
Minority Interest (c)	~20,220	37,090	~~~~~0 | ~~~~~0
Total Equity (d) = (b) + (c)	162,243	154,574	~83,926	~77,304
Total Liabilities & Equity (a) + (d)	310,072	361,912	142,785	139,265

1.3. ELEMENETS OF STATEMENT OF CHANGES IN EQUITY
(in € 000's)	GROUP			COMPANY
	30/09/06	30/09/05	30/09/06	30/09/05
Open Balance 01/01 2006 & 2005	154,574	127,978	77,304	76,362
Profit of the period	38,911	25,338	14,622	9,692
Dividends to Company's shareholders	–-8,000	–5,600	–8,000	–-5,600
Disposal of Investments	–16,161	0	0	0
Currency Translation Differences	–5,181	6,256	0	0
Dividends & Share capital to Minorities	~–1,900	~~–971 | ~~~~0	`~~~``0
Closing Balance 30/09 2006 & 2005	162,243	153,001	83,926	80,454

	1.2. ELEMENTS OF INCOME STATEMENT
(in € 000's)		GROUP COMPANY		GROUP		COMPANY
		From 01/01 to		From 01/01 to	From 01/07 to		From 01/07 to
			30/09/06 30/09/05 30/09/06 30/09/05 30/09/06 30/09/05 30/09/06 30/09/05
Net Trade Sales		337,763 243,523	89,209	44,126	78,998	59,114	16,617	9,660
Gross Profit	96,376	66,584	16,190	5,375	18,732	12,555	2,499	743
Operating Profit	60,517	39,240	11,800	3,645	7,393	4,106	1,196	1,405
Profit before income tax	55,512	36,333	20,023	12,450	6,020	3,071	10,367	4,261
Income tax expenses		–16,601 –12,268	–5,708	–3,769	–1,704	–814	–3,066	–942
Profit for the year from continuing
operations (a)	38,911	24,065	14,315	8,681	4,316	2,257	7,301	3,319
Profit for the year after income tax from
discontinued operations (b)	0	1,273	307	1,011	0	917	0	0
Profit for the year after income tax expenses
(a) + (b)	38,911	25,338	14,622	9,692	4,316	3,174	7,301	3,319
Attributable to:
Minority interest	1,404	1,585	0	0	495	616	0	0
Shareholders of the company	37,507	23,753	14,622	9,692	3,821	2,558	7,301	3,319
Earnings per share attributable to the
shareholders of the company in Euro	0.94	0.58	0.37	0.22	0.10	0.05	0.18	0.08
EBITDA	74,705	53,320	14,755	6,567	11,703	8,547	2,255	2,362
			ADDITIONAL INFORMATION

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	6. There are no litigation matters which have a material impact on the financial position or operation of the Company and the Group.
		From 1/1 to	From 1/1 to				Group Parent
	30/09/06	30/09/05	30/09/06	30/09/05	7. The average number of employees for the period stood at:	30/9/2006	4,341	645
Cash Flow from operating activities						30/9/2005	4,594	436
Profit before income tax from continuing operation	55,512	36,333	20,023	12,450	8. The amounts of sales and purchases and outstanding balances of receivables and payables of the Company to and from its
Profit before tax from discontinuing operation	0	2,030	1,130	1,011	related parties (according to the provisions of IAS 24) for the period 01.01. - 30.09.2006 were as follows:
Profit before tax	55,512	38,363	21,153	13,461				30/09/2006
Adjustments for:							Group	Company
Depreciation	13,688	17,200	2,955	2,922	a) Sales of goods and services		144,729	31,438
Provisions	5,519	5,121	1,962	2,019	b) Receivables from related parties		29,086	4,050
Exchange difference	–4,664	1,381	0	0	c) Purchases from and payables to related parties
Changes in Working Capital:					d) Intergroup Sales of goods and services		0	55,412
Decrease / (increase) of inventories	10,303	–1,978	–1,181	65	e) Dividend income from subsidiaries		0	9,733
Decrease / (increase) of trade debtors	–17,046	–3,427	439	–4,181	f) Receivables from subsidiaries		0	36,366
Decrease / (increase) of Intergroup receivables	0	0	–4,696	–4,063	g) Intergroup Purchases of goods and services		0	16,023
Decrease / (increase) of other receivables	–5,537	–4,579	–7,378	–6,178	h) Payables to subsidiaries		0	837
Decrease / (increase) of other long term receivables	–2,294	0	–2,441	0	i) Fees of member of Board of Directors		134	149
(Decrease) / increase of suppliers	–2,864	–2,602	–1,965	–1,925	j) Management compensation		2,439	1,886
(Decrease) / increase of Intergroup payables	0	0	132	3,038	k) Receivables from management & BoD members		0	0
(Decrease) / increase of other liabilities (except borrowing)	–6,913	1,744	–695	248	l) Payables to management & BoD members		0	0
Less:					9. Losses from restructuring activities have been incorporated in the calculation of EBITDA.
Income Tax paid	–9,226	–11,446	~–2,413	`–1,647
Net cash generated from operating activities (a)	36,478	~39,777	~``5,872	~`3,759	Kifisia, December 14, 2006
Cash Flow from investing activities
Purchase of property, plant and equipment	–11,875	–10,207	–1,480	–1,437	THE VICE CHARMAN			THE MANAGING DIRECTOR
Purchase of intangible assets	–842	–2,214	–626	–1,987
Proceeds from subsidiaries disposal & other investments	11,690	~~`~~0 | 12,000 | ~~~~`0
Net cash generated from investing activities (b)	~–1,027	–12,421	~9,894	–3,424
Net cash generated from operating and investing activities	35,451	27,356	15,766	~~`335	IOANIS K. ANDROUTSOPOULOS			DIMITRIOS P. LOIS
Cash Flow from financing activities
Increase / (decrease) of borrowing	–20,921	–8,887	–6,059	5,132
Dividends paid to Company's shareholders	–8,005	–5,586	–8,005	–5,586	THE GROUP CHIEF FINANCIAL OFFICER			THE FINANCE MANAGER
Dividends paid to minority interests	–1,900	–971	0	0
Net cash generated from financing activities (c)	–30,826	–15,444	–14,064	~``–454
Net increase (decrease) in cash and cash equivalents (a) + (b) + (c)	~~4,625	~11,912	~1,702	~``–119
Cash and cash equivalents at beginning of the year	12,106	10,421	~~~393	~~~585
Cash and cash equivalents at the end of the year	16,731	22,333	~`2,095	~~~466	PANAGIOTIS D. TABOURLOS			VASSILIOS Α. STERGIOU

		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%	2006
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 (Guangzhou) Ice Cold Equipment Co. Ltd.	China	Full	100%	2006
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

1. Frigoglass Group established new subsidiary comapany in China in the ICM Operations "Frigoglass Guangzhou Ice Cold Equipment Co. Ltd", which consolidates for the first time in current period. The construction of the plant began in September 2006 and first production is scheduled for November 2007.

2. The company V.P.I S.A was not consolidated in present financial statements due to the sale of the Group's 51% ownership on February 28, 2006. The proceeds from the sale amounted to 15m Euros. The Company announced the agreement for the sale of its total ownership in the share capital of VPI SA (PET operations) on December 15, 2005. The sale contract was signed on February 28, 2006. Information regarding the sale of PET operations is presented in Note 27 of the Interim Financial Statements of September 2006. VPI SA Income Statement in summary is presented below:

		From 1/1 till			From 1/7 till
	28/2/2006	30/9/2005	31/12/2005	30/9/2006	30/9/2005
Sales	10,534	64,929	82,953	0	22,547
Profit before income tax from
discontinuing operations	0	2,030	2,140	0	1,748
EBITDA	701	5,649	6,822	0	2,916

For the parent company EBT from the sales of VPI amounts to 1.130 thousand Euros and Earnings After Tax to 307 thousand Euros. 3. The main accounting principles as of the balance sheet of 31.12.2005 have been applied. There has been a re-classification in the amounts of the Profit & Loss account of the previous period, so as to be comparable with those of the current period. The reclassification had no effect on earnings attributable to the shareholders of the Company or to the Minority, on EBITDA, as well as on total assets or total liabilities and owners' equity of the Company or the Group. The reclassification was made in order for the expenses to be depicted according to the function they relate to with the scope of a proper presentation to the shareholders. Full analysis of the re-classification is presented in Note 30 of the Interim Financial Statements of September 2006.

1. The pledges on the Group's assets at 30.09.2006 stood at € 7,1 mil. There are no pledges on the Parent company's assets. 5. Capital expenditure for 2006 amount to: Group € 12.7 mil. (31/12/2005: € 17 mil ), Parent company € 2.1 mil. (31/12/2005: € 3.6 mil.)