Frigoglass S.A.

Quarterly Report • Oct 1, 2015

FRIGOGLASS S.A.I.C. COMMERCIAL REFRIGERATORS

SUMMARY FINANCIAL STATEMENTS for the period: 1st January to 31 December 2007

(In terms of the artocle 135 of the 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 interim financial statements and notes according to IFRS are published together with the auditor's report whenever it is required.

ADDITIONAL INFORMATION

Company's STATUTORY INFORMATION
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
Supervising Authority:	Ministry of Development (Department for Limited companies)
Board of Directors:	Chairman - non executive member: C. David Vice Chairman - non executive member: Ι. Androutsopoulos
	Managing Director - executive member : P. Diamantides
	Secretary- non-executive member: L. Komis
	Member - non-executive : V. Pisante
	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 :	22 February 2008
Auditors Firm:	PricewaterhouseCoopers
Auditor's Name:	D. Michalatos
Report of the Auditors:	Without Qualification
Company's Web Address:	www.frigoglass.com

(in € 000's)	GROUP			COMPANY
	31/12/07	31/12/06	31/12/07	31/12/06
ASSETS:
Property, plant and equipment	150.370	117.038	12.859	14.004
Intangible Assets	5.430	5.183	3.438	3.763
Investments in subsidiaries	0	0	59.781	44.894
Deferred income tax assets	2.614	3.404	406	1.132
Other Long term assets	~~2.580	~~3.376	~~2.143	~~2.597
Total Non Current Assets	160.994	129.001	~78.627	~66.390
Inventories Trade debtors	116.245 52.618	94.701 41.951	14.945 5.055	17.380 2.855
Other debtors	20.658	23.663	1.476	12.548
Income Tax advances	16.724	14.571	12.188	10.181
Intergroup receivables	0	0	21.790	22.406
Cash & cash equivalents	~17.313	~18.220	~~3.806	~~2.271
Total Current Assets	223.558	193.106	~59.260	~67.641
Total Assets	384.552	322.107	137.887	134.031
LIABILITIES:
Long term borrowings	2.810	875	0	0
Deferred income tax liabilities	9.016	8.281	827	0
Retirement benefit obligations	14.992	13.562	7.284	7.195
Provisions for other liabilities & charges	6.725	8.439	1.391	3.584
Deferred income from government grants	~~~333 | ~~~362	~~~169 | ~~~211
Total Non Current Liabilities	~33.876	~31.519	~~9.671	~10.990
Trade creditors	41.573	31.013	9.387	7.185
Other creditors	35.939	32.751	7.227	5.553
Current income tax liabilities	11.427	12.056	7.494	9.761
Intergroup payables	0	0	8.597	648
Short term borrowings	~62.222	~52.523	~~~~~`0	~14.237
Total Current Liabilities	151.161	128.343	~32.705	~37.384
Total Liabilities (a)	185.037	159.862	~42.376	~48.374
EQUITY:
Share capital	40.135	40.000	40.135	40.000
Share premium	9.680	6.846	9.680	6.846
Other reserves	21.151	25.599	22.843	23.285
Retained earnings /	106.071	~69.957	~22.853	~15.526
Equity attributable to company shareholders (b)	177.037	142.402	~95.511	~85.657
Minority Interest (c)	~22.478	~19.843	~~~~~0 | ~~~~~0
Total Equity (d) = (b) + (c)	199.515	162.245	~95.511	~85.657
Total Liabilities & Equity	384.552	322.107	137.887	134.031
1.3. ELEMENTS OF STATEMENT OF CHANGES IN EQUITY

(in € 000's)	GROUP			COMPANY
	31/12/07	31/12/06	31/12/07	31/12/06
Open Balance 01/01/2007 & 2006	162.245	154.574	85.657	77.304
Profit of the period	47.927	40.031	17.551	16.353
Dividends to Company's shareholders	–12.800	– 8.000	– 12.800	– 8.000
Disposal of Investments	0	– 16.161	0	0
Currency Translation Differences	– 2.650	– 6.405	0	0
Shares issued to employees exercising stock options	592	0	592	0
Stock option reserve	4.072	0	4.072	0
Transfer from / to tax-free reserve	-655	0	-655	0
Net income recognized directly in equity	1.094	0	1.094	0
Dividends & Share capital to Minorities	~~–310	~–1.794	~~~~~0 | ~~~~~0
Closing Balance 31/12/2007 & 2006	199.515	162.245	~95.511	~85.657

1.2. ELEMENTS OF INCOME STATEMENT
(in € 000's)	GROUP From 1/1 to			COMPANY From 1/1 to
	31/12/07	31/12/06	31/12/07	31/12/06
Net Trade Sales	453.403	411.573	94.592	97.492
Cost of goods sold	-329.081	-299.750	-78.936	-81.882
Gross Profit	124.322	111.823	15.656	15.610
Administration Expenses	-29.004	-26.916	-19.913	-17.543
Selling & marketing expenses	-22.104	-20.129	-5.819	-6.037
Research & Development expenses	-3.243	-2.784	-2.330	-2.135
Other Operating income	2.034	1.967	21.667	18.797
Other / Gains	39	-146	46	6
/ Gains from restructuring	-783	-967	0	0
/ Gains from discontinuing operations	0	0	0	1.130
Operating Profit	71.261	62.848	9.307	9.828
Dividend Income	0	0	17.993	20.467
Finance costs	-5.357	-6.404	-975	-1.970
Profit before income tax	65.904	56.444	26.325	28.325
Income tax expenses	-17.977	-16.413	-8.774	-11.967
Profit for the year after income tax expenses	47.927	40.031	17.551	16.358
Attributable to:
Minority interest	2.472	1.544	0	0
Shareholders of the company	45.455	38.487	17.551	16.358
Depreciation	18.509	17.201	3.593	3.619
EBITDA	90.553	81.016	12.900	12.317
Basic Earnings per share attributable to the shareholders
of the company (in Euro)	1,14	0,96	0,44	0,41
Diluted Earnings per share attributable to the shareholders
of the company (in Euro)	1,13	0,96	0,44	0,41

	1.4. CASH FLOW STATEMENT				of December 2007. VPI SA Income Statement in summary is presented below:
(in € 000's)	GROUP			COMPANY	From 01/ 01 till
		From 1/1 to		From 1/1 to			31/12/07	28/02/06
	31/12/07	31/12/06	31/12/07	31/12/06	Sales		0	10.534
Cash Flow from operating activities					Profit before income tax from discontinuing operations		0	0
Profit before income tax from continuing operation	65.904	56.444	26.325	27.195	EBITDA		0	701
Profit before tax from discontinuing operation	0	0	0	1.130	For the parent company EBT in 2006 from the disposal of VPI amounts to 1.130 thousand Euros and Earnings After Tax to 307
Profit before tax	65.904	56.444	26.325	28.325	thousand Euros.
Adjustments for:
Depreciation	18.509	17.201	3.593	3.619	3. The main accounting principles as of the balance sheet of 31.12.2006 have been applied.
Provisions	6.140	8.474	1.196	3.014	4. The pledges on the Group's assets at 31.12.2007 stood at € 15,8 mil. There are no pledges on the Parent company's assets.
/ Loss from disposal of PPE & intangible assets	411	0	– 46	0	5. Capital expenditure for 2007 amount to: Group € 54,6 mil. (31/12/2006: € 24,3 mil ), Parent company € 2,6 mil. (31/12/2006: € 3,3 mil.)
Dividend income	0	0	– 17.993	– 20.467	6. There are no litigation matters which have a material impact on the financial position or operation of the Company and the Group.
Exchange differences	– 4.030	– 1.813	0	0	7. The average number of employees for the period stood at:
Changes in Working Capital:						Group	Company
Decrease / (increase) of inventories	– 21.545	– 13.484	2.436	– 8.109	31/12/2007	5.020	526
Decrease / (increase) of trade debtors	– 10.668	7.836	– 2.200	6.608	31/12/2006	4.394	592
Decrease / (increase) of Intergroup receivables	0	0	616	9.265	8. 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 receivables	2.985	– 9.557	11.071	– 10.200	parties (according to the provisions of IAS 24) for the period 01.01. - 31.12.2007 were as follows:
Decrease / (increase) of other long term receivables	797	– 2.193	454	– 2.441			31/12/2007
(Decrease) / increase of suppliers	10.560	3.904	2.202	– 1.416
(Decrease) / increase of Intergroup payables	0	0	7.949	– 57		Group	Company
					a) Sales of goods and services	151.058	27.987
(Decrease) / increase of other liabilities (except borrowing)	3.188	3.558	1.674	– 697	b) Receivables from related parties	9.631	0
Less:					c) Purchases from and payables to related parties	0	0
Income Tax paid	–19.269	–14.208	–10.313	–6.814	d) Intergroup Sales of goods and services	0	43.731
Net cash generated from operating activities (a)	~52.982	~56.162	~26.964	~~~630	e) Dividend income from subsidiaries	0	17.993
Cash Flow from investing activities					f) Receivables from subsidiaries	0	21.790
Purchase of property, plant and equipment	– 52.457	– 22.505	– 1.286	– 1.846	g) Intergroup Purchases of goods and services	0	21.928
Purchase of intangible assets	– 2.181	– 2.265	– 1.137	– 1.494	h) Payables to subsidiaries	0	8.597
Proceeds from subsidiaries disposal & other investments	0	11.690	0	12.000	i) Fees of members of Board of Directors	207	207
Proceeds from disposal of PPE & intangible assets	1.345	0	355	0	j) Management compensation	2.708	2.708
					k) Receivables from management & BoD members	0	0
Investments in subsidiaries	0	0	– 14.887	0	l) Payables to management & BoD members	0	0
Dividend income	~~~~~0 | ~~~~~0	~17.993	~20.467
Net cash generated from investing activities (b)	–53.293	–13.080	~~1.038	~29.127		Kifissia, February 22, 2008
Net cash generated from operating & investing activities	~~`–311	~43.082	~28.002	~29.757
Cash Flow from financing activities
Increase / (decrease) of borrowing	11.634	– 27.165	– 14.237	– 19.870	THE CHAIRMAN			THE MANAGING DIRECTOR
Dividends paid to Company's shareholders	– 12.822	– 8.009	– 12.822	– 8.009	CHARALABOS DAVID			PETROS DIAMANTIDES
Dividends & Share Capital paid to Minority	0	– 1.794	0	0
Proceeds from issue of shares to employees	~~~592 | ~~~~~0	~~~592 | ~~~~~0
Net cash generated from financing activities (c)	~~~–596	–36.968	–26.467	–27.879
Net increase (decrease) in cash and cash equivalents (a) + (b) + (c)	~~–907	~~6.114	~~1.535	~~1.878	THE GROUP CHIEF FINANCIAL OFFICER PANAGIOTIS TABOURLOS			THE FINANCE MANAGER VASSILIOS STERGIOU
Cash and cash equivalents at beginning of the year Cash and cash equivalents at the end of the year	~18.220 ~17.313	~12.106 ~18.220	~~2.271 ~~3.806	~~~`393 ~~2.271

Note: 1) /Gains from restructuring activities as well as Losses from discontinued operations have been incorporated in the calculation of EBITDA.

2) For the Full Year 2006 there are financial data of the discontinued operations of VPI incorporated for the period 01.01.2006-28.02.2006.

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.

		Consolidation	%	Fiscal Years
Company Name	Country	Method	ownership	Unaudited
Frigoglass S.A.I.C.	Hellas	Full	Parent	2005-2007
Frigoglass Romania SRL	Romania	Full	100%	2007
Frigorex Indonesia PT	Indonesia	Full	100%	2007
Frigoglass South Africa Ltd	S. Africa	Full	100%	2003-2007
Frigoglass Eurasia LLC	Russia	Full	100%	2006-2007
Frigoglass (Guangzhou) Ice Cold Equipment Co.,Ltd.	China	Full	100%	2006-2007
Scandinavian Appliances A.S	Norway	Full	100%	2003-2007
Frigoglass Ltd.	Ireland	Full	100%	2000-2007
Frigoglass Iberica SL	Spain	Full	100%	2002-2007
Frigoglass Sp zo.o	Poland	Full	100%	2005-2007
Frigoglass India PVT.Ltd.	India	Full	100%	2004-2007
Beta Glass Plc.	Nigeria	Full	53,82%	2004-2007
Frigoglass Industries (Nig.) Ltd	Nigeria	Full	76,03%	1999-2007
TSG Nigeria Ltd.	Nigeria	Full	54,89%	1999-2007
Beta Adams Plastics	Nigeria	Full	76,03%	1999-2007
3P Frigoglass Romania SRL	Romania	Full	100%	2005-2007
Frigorex East Africa Ltd.	Kenya	Full	100%	2002-2007
Frigoglass GmbH	Germany	Full	100%	2001-2007
Frigoglass Nordic	Norway	Full	100%	2003-2007
Frigoglass France SA	France	Full	100%	2003-2007
Coolinvest Holding Limited	Cyprus	Full	100%	1999-2007
Frigorex Cyprus Limited	Cyprus	Full	100%	1999-2007
Letel Holding Limited	Cyprus	Full	100%	1999-2007
Norcool Holding A.S	Norway	Full	100%	1999-2007
Nigerinvest Holding Limited	Cyprus	Full	100%	1999-2007
Deltainvest Holding Limited	Cyprus	Full	100%	1999-2007

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 23 of the Annual Financial Statements

	31/12/07	28/02/06
Sales	0	10.534
Profit before income tax from discontinuing operations	0	0
EBITDA	0	701
For the parent company EBT in 2006 from the disposal of VPI amounts to 1.130 thousand Euros and Earnings After Tax to 307