Frigoglass S.A.

Annual / Quarterly Financial Statement • Sep 29, 2015

FRIGOGLASS S.A.I.C. COMMERCIAL REFRIGERATORS

SUMMARY FINANCIAL STATEMENTS for the period: 1st January to 31 December 2006 (In terms of article 135 of Law 2190, for the companies publishing annual financial statements in accordance with IAS/IFRS)

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 full financial statements and notes for the year, prepared in accordance with IFRS, together with the auditor's report can be found.

1.4. CASH FLOW STATEMENT

Currency Translation Differences –6.405 8.073 0 0 Net income recognized directly in equity 0 258 0 0 Actuarial losses net of deferred taxes 0 –1.174 0 –1.174 Dividends & Share capital to Minorities ~–1.794 ~–1.169 ~~~~0 ~~~~0 Closing Balance 31/12 2006 & 2005 162.245 154.574 85.657 77.304

(in € 000's) GROUP COMPANY

From 01/01 to From 01/01 to 31/12/06 31/12/05 31/12/06 31/12/05

Cash Flow from operating activities

	COMPANY'S STATUTORY INFORMATION					1.2. INCOME STATEMENT
Head Office and Registered Address: Company's Number in the Register of Societes Anonymes:	15, A. Metaxa Street, GR -145 64 Kifissia, Athens 29454/06/Β/93/32				(in € 000's)		GROUP From: 01/01 to		From: 01/01 to	COMPANY
Supervising Authority:	Ministry of Development (Department for Limited companies)						31/12/06	31/12/05	31/12/06	31/12/05
Board of Directors:	Chairman: H. David				Net Trade Sales		411.573	389.782	97.492	61.554
	Vice Chairman: Ι. Androutsopoulos				Cost of goods sold		–299.750	–303.251	–81.882	–54.157
	Managing Director - executive member : D. Lois Secretary- non-executive member: L. Komis				Gross Profit		111.823	86.531	15.610	7.397
	Member - non-executive : V. Pisante				Administration Expenses		–26.916	–27.002	–17.543	–17.220
	Member - non-executive : C. Leventis				Selling & marketing expenses Research & Development expenses		–20.129 –2.784	–14.921 –2.602	–6.037 –2.135	–4.253 –2.007
	Member - non-executive : E. Kalousis				Other Operating income		1.967	3.152	18.797	18.707
	Member - non-executive : V. Fourlis				Other (Losses) / Gains		–146	–2	6	–11
	Member - non-executive : Α. Papalexopoulou				(Losses) / Gains from restructuring		–967	–1.111	0	0
					(Losses) / Gains from discontinued operations		0	–1.000	1.130	0
Date of Approval of the Financial Statements :	27 February 2006				Operating Profit		62.848	43.045	9.828	2.613
Auditors Firm:	PricewaterhouseCoopers				Dividend Income		0	0	20.467	9.972
Auditor's Name: Report of the Auditors:	Kyriacos Riris Without Qualification				Finance costs		–6.404	–4.200	–1.970	–1.414
Company's Web Address:	www.frigoglass.com				Profit before income tax		56.444	38.845	28.325	11.171
					Income tax expenses		–16.413	–12.637	–11.967	–3.455
	1.1. BALANCE SHEET				Profit for the year after income tax expenses		40.031	26.208	16.358	7.716
(in € 000's )		GROUP		COMPANY	Attributable to:
ASSETS	31/12/06	31/12/05	31/12/06	31/12/05	Minority interest		1.544	1.923	0	0
Property, plant and equipment	117.038	116.697	14.004	14.483	Shareholders of the company		38.487	24.285	16.358	7.716
Intangible Assets	5.183	4.451	3.763	3.407	Weighted Average number of shares (in thousands pieces)		40.000	40.000	40.000	40.000
Investments in subsidiaries	0	0	44.894	44.894	Earnings per share attributable to the shareholders
Deferred income tax assets	3.404	1.241	1.132	0	of the company (in Euro)		0,96	0,61	0,41	0,19
Other Long term assets	~~3.376	~~1.184	~~2.597	~~~`156	Depreciation		17.201	22.285	3.619	3.812
Total Non Current Assets	129.001	123.573	~66.390	~62.940	EBITDA		81.016	67.441	12.317	6.425
Inventories	94.701	81.217	17.380	9.271
Trade debtors	41.951	49.787	2.855	9.463	Notes: 1. The financial data for the Full Year 2005 incorporate in full analysis the financial data of the discontinued operations of VPI
Other debtors	23.663	21.387	12.548	7.933	from 01.01.2005 to 31.12.2005. For the Full Year 2006 the financial data of the discontinued operations of VPI incorporated
Income Tax advances	14.571	7.290	10.181	4.597	are for the period 01.01.2006-28.02.2006.
Intergroup receivables	0	0	22.406	31.670	2. Gains / from restructuring activities as well as Losses from discontinued operations have been incorporated in
Cash at banks & in hand	18.220	12.106	2.271	393	the calculation of EBITDA.
Assets held for sale Total Current Assets	~~~~~0<br>193.106 | ~66.552<br>238.339 | ~~~~~0 ~67.641	~12.998 ~76.325
Total Assets	322.107	361.912	134.031	139.265	ADDITIONAL INFORMATION 1. Group companies that are included in the consolidated financial statements with their respective locations, percentage of
LIABILITIES					ownership as well as the information regarding the fiscal years unaudited by the Tax authorities by company are listed below:
Long term borrowings	875	18.304	0	17.000	Note: For certain countries, tax audit is not compulsory and is performed only under specific conditions.
Deferred income tax liabilities	8.281	9.673	0	572			Consolidation	%		Fiscal
Retirement benefit obligations	13.562	13.488	7.195	5.821	Company Name	Country	Method	Ownership		Years
Provisions for other liabilities & charges	8.439	6.421	3.584	3.462						Unaudited
Deferred income from government grants	~~~362 | ~~~366	~~~211 | ~~~251	Frigoglass S.A.I.C.	Hellas	Full	Μητρική	2005-2006
Total Non Current Liabilities	~31.519	~48.252	~10.990	~27.106	Frigoglass Romania SRL	Romania	Full	100%	2006
Trade creditors	31.013	27.059	7.185	8.602	Frigorex Indonesia PT	Indonesia	Full	100%	2006
Other creditors	32.751	26.933	5.553	5.376	Frigoglass South Africa Ltd	S. Africa	Full	100%	2003-2006
Current income tax liabilities	12.056	5.945	9.761	3.065	Frigoglass Eurasia LLC	Russia	Full	100%	2006
Intergroup payables	0	0	648	705	Frigoglass (Guangzhou) Ice Cold Equipment Co. ,Ltd.	China	Full	100%	2006
Short term borrowings	52.523	62.259	14.237	17.107	Scandinavian Appliances A.S Frigoglass Ltd.	Norway Ireland	Full Full	100% 100%	2003-2006 2000-2006
Liabilities associated with assets classified					Frigoglass Iberica SL	Spain
as held for sale	~~~~~0 |~36.890	~~~~~0 | ~~~~~0	Frigoglass Sp zo.o	Poland	Full Full	100% 100%	2002-2006 2002-2006
Total Current Liabilities	128.343	159.086	~37.384	~34.855	Frigoglass India PVT.Ltd.	India	Full	100%	2004-2006
Total Liabilities (a)	159.862	207.338	~48.374	~61.961	Beta Glass Plc.	Nigeria	Full	53,823%	1999-2006
					Frigoglass Industries (Nig.) Ltd	Nigeria	Full	76,027%	1999-2006
EQUITY					TSG Nigeria Ltd.	Nigeria	Full	54,888%	1999-2006
Share capital	40.000	40.000	40.000	40.000	Beta Adams Plastics	Nigeria	Full	76,027%	1999-2006
Share premium	6.846	57.245	6.846	57.245	3P Frigoglass Romania SRL	Romania	Full	100%	2004-2006
Other reserves Retained earnings /	25.599	29.048	23.285	22.857	Frigorex East Africa Ltd.	Kenya	Full	100%	2002-2006
Equity attributable to company shareholders (b)	~69.957 142.402	~–8.809 117.484	~15.526 ~85.657	–42.798 ~77.304	Frigoglass GmbH	Germany	Full	100%	2001-2006
Minority Interest (c)	~19.843	~37.090	~~~~~0 | ~~~~~0	Frigoglass Nordic	Norway	Full	100%	2003-2006
Total Equity (d) = (b) + (c)	162.245	154.574	~85.657	~77.304	Frigoglass France SA	France	Full	100%	2003-2006
Total Liabilities & Equity (e) = (a) + (d)	322.107	361.912	134.031	139.265	Coolinvest Holding Limited	Cyprus	Full	100%	1999-2006
					Frigorex Cyprus Limited	Cyprus	Full	100%	1999-2006
	1.3. STATEMENT OF CHANGES IN EQUITY				Letel Holding Limited	Cyprus	Full	100%	1999-2006
					Norcool Holding A.S	Norway	Full	100%	1999-2006
(in € 000's)		GROUP		COMPANY	Nigerinvest Holding Limited	Cyprus	Full	100%	1999-2006
	31/12/06	31/12/05	31/12/06	31/12/05	Deltainvest Holding Limited	Cyprus	Full	100%	1999-2006
Open Balance 01/01 2006 & 2005	154.574	127.978	77.304	76.362
Profit of the period	40.031	26.208	16.353	7.716	2. Frigoglass Group established new subsidiary comapany in China in the ICM Operations "Frigoglass Guangzhou Ice Cold
Dividends to Company's shareholders Disposal of Investments	–8.000 –16.161	–5.600 0	–8.000 0	–5.600 0	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.

Profit before income tax from continuing operation	56.444	37.705	27.195	10.160
Profit before tax from discontinuing operation		1.140	1.130	1.011	total assets or total liabilities and owners' equity of the Company or the Group. The reclassification was made in order for the
Profit before tax	56.444	38.845	28.325	11.171	expenses to be depicted according to the function they relate to with the scope of a proper presentation to the shareholders. Full
Adjustments for:					analysis of the re-classification is presented in Note 31 of the Full Financial Statements of December 2006.
Depreciation	17.201	22.285	3.619	3.812	5. The pledges on the Group's assets at 31.12.2006 stood at € 7,2 mil. There are no pledges on the Parent company's assets.
Provisions	8.474	8.782	3.014	3.142	6. Capital expenditure for 2006 for continuing operations amount to: Group € 24,3 mil. (31/12/2005: € 17 mil ), Parent company € 3,3
Dividend income	0	0	–20.467	–9.972	mil. (31/12/2005: € 3,6 mil.). For discontinued operations 2006 capex amounts to € 450 thousand and for 2005 to € 776 thousand.
Exchange difference	–1.813	411	0	0	7. There are no litigation matters which have a material impact on the financial position or operation of the Company and the Group.
Changes in Working Capital:					8. The average number of employees for the period stood at:
Decrease / (increase) of inventories	–13.484	–18.254	–8.109	1.356		GROUP	COMPANY
Decrease / (increase) of trade debtors	7.836	–5.916	6.608	–2.756	31/12/2006	4.394	592
Decrease / (increase) of Intergroup receivables	0	0	9.265	–1.156	31/12/2005	4.318	431
Decrease / (increase) of other receivables	–9.557	–7.863	–10.200	–4.526	9. The amounts of sales and purchases and outstanding balances of receivables and payables of the Company to and from its related
Decrease / (increase) of other long term receivables	–2.193	0	–2.441	0	parties (according to the provisions of IAS 24) for the period 01.01. - 31.12.2006 were as follows:
(Decrease) / increase of suppliers	3.904	3.861	–1.416	2.454			31/12/2006
(Decrease) / increase of Intergroup payables	0	0	–57	–1.636		GROUP	COMPANY
(Decrease) / increase of other liabilities (except borrowing)	3.558	9.037	–697	1.863	a) Sales of goods and services	174.265	33.482
Less:					b) Receivables from related parties	13.215	251
Income Tax paid	–14.208	–12.812	–6.814	–2.873	c) Purchases from and payables to related parties	0	0
Net cash generated from operating activities (a)	~56.162	38.376	~~630	~~879	d) Intergroup Sales of goods and services	0	65.312
					e) Dividend income from subsidiaries	0	20.467
Cash Flow from investing activities					f) Receivables from subsidiaries	0	22.406
Purchase of property, plant and equipment	–22.505	–15.230	–1.846	–2.005	g) Intergroup Purchases of goods and services	0	19.214
Purchase of intangible assets	–2.265	–1.868	–1.494	–1.574	h) Payables to subsidiaries	0	648
Proceeds from subsidiaries disposal & other investments	11.690	0	12.000	0	i) Fees of member of Board of Directors	187	187
Idividend income	~~~~~0 | ~~~~~0	20.467	9.972	j) Management compensation	2.992	2.992
Net cash generated from investing activities (b)	–13.080	–17.099	29.127	6.392	k) Receivables from management & BoD members	0	0
Net cash generated from operating & investing activities	~43.082	~21.277	29.757	~7.271	l) Payables to management & BoD members	0	0
							10. Gains / from restructuring activities as well as Losses from discontinued operations have been incorporated in the
Cash Flow from financing activities					calculation of EBITDA.
Increase / (decrease) of borrowing	–27.165	–12.325	–19.870	–1.870
Dividends paid to Company's shareholders	–8.009	–5.592	–8.009	–5.592		Kifissia, February 27, 2007
Dividends paid to minority interests	~–1.794	~–1.169	~~~~~0 | ~~~``~0
Net cash generated from financing activities (c)	–36.968	–19.087	–27.879	~–7.463
Net increase (decrease) in cash and cash equivalents					THE CHAIRMAN OF THE BOARD OF DIRECTORS		THE MANAGING DIRECTOR
(a) + (b) + (c)	~~6.114 | ~~2.190	~1.878 | ~–192	HARRY G. DAVID		DIMITRIOS P. LOIS
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 attributable to discontinuing operations	~~~~~0 | ~~–505 | ~~~~~0	~~~~~`0	THE GROUP CHIEF FINANCIAL OFFICER		THE FINANCE MANAGER
Cash and cash equivalents at the end of the year	~`18.220	12.106	~``2.271	~~~393	PANAGIOTIS D. TABOURLOS		VASSILIOS A. STERGIOU

1. 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
	28/02/06	31/12/05
Sales	10.534	82.953
Profit before income tax from discontinuing operations	0	2.140
EBITDA	701	6.823

For the parent company EBT from the sales of VPI amounts to 1.130 thousand Euros and Earnings After Tax to 307 thousand Euros. 4. 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