Frigoglass S.A.

Quarterly Report • Sep 30, 2015

FRIGOGLASS S.A.I.C.

Number in the Register of Societes Anonymes: 29454/06/Β/93/32

COMMERCIAL REFRIGERATORS SUMMARY FINANCIAL STATEMENTS for the period: 1st January to 30 September 2007 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.

	1.3. ELEMENETS OF STATEMENT OF CHANGES IN EQUITY

1.4. CASH FLOW STATEMENT

ADDITIONAL INFORMATION

(in € 000's)		CROUP		COMPANY
ASSETS:	30/09/2007	31/12/2006	30/09/2007	31/12/2006
Property, plant and equipment	126.811	117.038	12.691	14.004
Intangible Assets	5.031	5.183	3.411	3.763
Investments in subsidiaries	0	0	44.894	44.894
Deferred income tax assets	3.517	3.404	1.130	1.132
Other Long term assets	~2.122 |~3.376	~1.637	~~2.597
Total Non Current Assets	137.481	129.001	63.763	~66.390
Inventories	87.098	94.701	8.146	17.380
Trade debtors	74.603	41.951	8.758	2.855
Other debtors	20.295	23.663	4.289	12.548
Income Tax advances	13.777	14.571	8.752	10.181
Intergroup receivables	0	0	22.097	22.406
Cash at banks & in hand	21.452	18.220	1.725	2.271
Total Current Assets	217.225	193.106	~53.767	~67.641
Total Assets	354.706	322.107	117.530	134.031
LIABILITIES:
Long term borrowings	2.921	875	0	0
Deferred income tax liabilities	8.641	8.281	0	0
Retirement benefit obligations	15.618	13.562	8.441	7.195
Provisions for other liabilities & charges	9.920	8.439	4.180	3.584
Deferred income from government grants	~~330 | ~~~362	~~180	~~~`211
Total Non Current Liabilities	37.430	~31.519	12.801	~10.990
Trade creditors Other creditors	33.542 26.044	31.013 32.751	5.621 5.827	7.185 5.553
Current income tax liabilities	12.942	12.056	6.797	9.761
Intergroup payables	0	0	1.362	648
Short term borrowings	50.565	52.523	3.965	14.237
Total Current Liabilities	123.093	128.343	23.572	37.384
Total Liabilities (a)	160.523	159.862	36.373	48.374
EQUITY:
Share capital	40.000	40.000	40.000	40.000
Share premium	6.846	6.846	6.846	6.846
Other reserves	27.334	25.599	25.140	23.285
Retained earnings /	99.049	69.957	9.171	15.526
Equity attributable to company shareholders (b)	173.229	142.402	~81.157	85.657
Minority Interest (c)	~20.954	~19.843	~~~~~0 | ~~~~~0
Total Equity (d) = (b) + (c)	194.183	162.245	~81.157	~85.657
Total Liabilities & Equity (a) + (d)	354.706	322.107	117.530	134.031

(in € 000's)	GROUP	COMPANY
	30/09/2007	30/09/2006	30/09/2007	30/09/2006
Open Balance 01/01 2007 & 2006	162.245	154.574	85.657	77.304
Profit of the period	46.326	38.911	8.302	14.622
Dividends to Company's shareholders	–12.800	–8.000	–12.800	–8.000
Disposal of Investments	0	–16.161	0	0
Currency Translation Differences	–1.586	–5.181	0	0
Net income recognized directly in equity	–2	0	–2	0
Dividends & share capital paid to minority	~~~~~~0	~–1.900	~~~~~~0	~~~~~0
Closing Balance 30/09 2007 & 2006	194.183	162.243	~`81.157	~83.926

COMPANY'S STATUTORY INFORMATION	1.2. ELEMENTS OF 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		GROUP From 01/01 to		COMPANY From 01/01 to		GROUP From 01/07 to		COMPANY From 01/07 to
Supervising Authority:	Ministry of Development (Department for Limited companies)				30/09/2007 30/09/2006 30/09/2007 30/09/2006 30/09/2007 30/09/2006 30/09/2007 30/09/2006
Board of Directors:	Chairman - non executive member: C. David	Net Trade Sales		382.143 337.763	85.112	89.209	91.590	78.998	17.891	16.617
	Vice Chairman - non executive member: Ι. Androutsopoulos	Cost of goods sold			–273.276 –241.387 –70.736 –73.019 –70.256 –60.266 –15.398 –14.118
	Managing Director - executive member : P. Diamantides	Gross Profit	108.867	96.376	14.376	16.190	21.334	18.732	2.493	2.499
	Secretary- non-executive member: L. Komis	Administration Expenses			–21.085 –19.456 –14.381 –12.959		–6.840	–6.104	–4.582	–4.035
	Member - non-executive : H. David	Selling & marketing expenses		–17.615 –14.506	–4.240	–4.255	–6.271	–4.555	–842	–1.123
Member - non-executive : C. Leventis Member - non-executive : E. Kalousis Member - non-executive : V. Fourlis Member - non-executive : Α. Papalexopoulou		Research & Development expenses	–2.395	–1.981	–1.691	–1.533	–770	–880	–551	–726
		Other Operating income	1.289	1.124	16.086	14.351	214	409	4.958	4.581
		Other / Gains	–53	37	41	6	143	51	41	0
		/ Gains from restructuring	–41	–1.077	0	0	–41	–260	0	0
Date of Approval of the Financial Statements :	6 November 2007	Operating Profit	68.967	60.517	10.191	11.800	7.769	7.393	1.517	1.196
Auditors Firm:	PricewaterhouseCoopers	Dividend Income	0	0	3.027	9.733	0	0	0	9.733
Auditor's Name:	D. Michalatos	Finance costs	–3.576	–5.005	–911	–1.510	–722	–1.373	–318	–562
Report of the Auditors:	Not Required	Profit before income tax	65.391	55.512	12.307	20.023	7.047	6.020	1.199	10.367
Company's Web Address:	www.frigoglass.com	Income tax expenses		–19.065 –16.601	–4.005	–5.708	–2.432	–1.704	–395	–3.066
		Profit for the year from continuing
	1.1. BALANCE SHEET	operations (a)	46.326	38.911	8.302	14.315	4.615	4.316	804	7.301

0	0	–260	–41	0	0	–1.077	–41	/ Gains from restructuring
1.196	1.517	7.393	7.769	11.800	10.191	60.517	68.967	Operating Profit
9.733	0	0	0	9.733	3.027	0	0	Dividend Income
–562	–318	–1.373	–722	–1.510	–911	–5.005	–3.576	Finance costs
10.367	1.199	6.020	7.047	20.023	12.307	55.512	65.391	Profit before income tax
–3.066	–395	–1.704	–2.432	–5.708	–4.005	–19.065 –16.601		Income tax expenses
								Profit for the year from continuing
7.301	804	4.316	4.615	14.315	8.302	38.911	46.326	operations (a)
								Profit for the year after income tax
0	0	0	0	307	0	0	0	from discontinued operations (b)
								Profit for the year after income
7.301	804	4.316	4.615	14.622	8.302	38.911	46.326	tax expenses (a)+(b)
								Attributable to:
0	0	495	437	0	0	1.404	1.497	Minority interest
7.301	804	3.821	4.178	14.622	8.302	37.507	44.829	Shareholders of the company
								Weighted Average number of shares
40.000	40.000	40.000	40.000	40.000	40.000	40.000	40.000	( in thousands)
								"Earnings per share from continuing
								operations attributable to the shareholders
0,18	0,02	0,10	0,10	0,36	0,21	0,94	1,12	of the company (in Euro)"
								"Earnings per share from discontinuing
								operations attributable to the shareholders
~~~~0	~~~0 | ~~~0	~`~0	~0,01	~~~0	~~~~0	~~0	of the company (in Euro)"
1.059
	891	4.050	4.632	2.955	3.000	13.111	14.695	Depreciation

EBITDA 83.703 74.705 13.191 14.755 12.442 11.703 2.408 2.255

From 1/1 to From 1/1 to 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 30/09/2007 30/09/2006 30/09/2007 30/09/2006 VPI SA (PET operations) on December 15, 2005. The sale contract was signed on February 28, 2006. Information regarding the sale of PET Cash Flow from operating activities operations is presented in Note 22 of the Interim Financial Statements of September 2006. VPI SA Income Statement in summary is presented below: Profit before income tax from continuing operation 65.391 55.512 12.307 20.023 From: 01/01 till Profit before tax from discontinuing operation 0 0 0 1.130 30/9/2007 28/2/2006 Profit before tax 65.391 55.512 12.307 21.153 Sales 0 10.534 Adjustments for: "Profit before income tax Depreciation 14.695 13.688 3.000 2.955 from discontinuing operations" 0 0 Provisions 4.244 5.519 1.145 1.962 EBITDA 0 701 / Loss from disposal of PPE 219 0 0 0 For the parent company EBT in 2006 from the disposal of VPI amounts to 1.130 thousand Euros and Earnings After Tax to 307 thousand Euros. Dividend income 0 0 –3.027 –10.040 3. The main accounting principles as of the balance sheet of 31.12.2006 have been applied. Exchange differences –3.313 –4.664 0 0 4. The pledges on the Group's assets at 30.06.2007 stood at € 6,8 mil. There are no pledges on the Parent company's assets. Changes in Working Capital: 5. Capital expenditure for 2007 amount to: Group € 25,3 mil. (31/12/2006: € 24,3 mil ), Parent company € 1,4 mil. (31/12/2006: € 3,3 mil.) Decrease / (increase) of inventories 7.603 10.303 9.234 –1.181 6. There are no litigation matters which have a material impact on the financial position or operation of the Company and the Group. Decrease / (increase) of trade debtors –32.652 –17.046 –5.903 439 7. The average number of employees for the period stood at: Decrease / (increase) of Intergroup receivables 0 0 309 –4.696 GROUP COMPANY Decrease / (increase) of other receivables 3.368 –5.537 8.259 –7.378 30/09/2007 5.007 529 Decrease / (increase) of other long term receivables 1.254 –2.294 960 –2.441 30/09/2006 4.341 645 (Decrease) / increase of suppliers 2.530 –2.864 –1.564 –1.965 8. The amounts of sales and purchases and outstanding balances of receivables and payables of the Company to and from its related parties (Decrease) / increase of Intergroup payables 0 0 714 132 (according to the provisions of IAS 24) for the period 01.01. - 30.06.2007 were as follows: (Decrease) / increase of other liabilities (except borrowing) –6.707 –6.913 273 –695 30/09/2007 Group Company –16.736 ~–9.226 ~–4.747 `–2.413 a) Sales of goods and services 129.571 26.691 ~39.896 ~36.478 20.960 ~–4.168 b) Receivables from related parties 19.242 4.235 c) Purchases from and payables to related parties 0 0 Cash Flow from investing activities d) Intergroup Sales of goods and services 0 38.258 Purchase of property, plant and equipment –24.053 –11.875 –676 –1.480 e) Dividend income from subsidiaries 0 3.027 Purchase of intangible assets –1.223 –842 –763 –626 f) Receivables from subsidiaries 0 22.097 Proceeds from subsidiaries disposal & other investments 0 11.690 0 12.000 g) Intergroup Purchases of goods and services 0 16.041 Proceeds from disposal of PPE 1.346 0 0 0 h) Payables to subsidiaries 0 1.362 Dividend income ~~~~~0 ~~~~~~0 ~3.027 10.040 i) Fees of members of Board of Directors 155 155 Net cash generated from investing activities (b) –23.930 ~~–1.027 ~1.588 19.934 j) Management compensation 2.203 2.203 Net cash generated from operating & investing activities 15.966 ~35.451 22.548 15.766 k) Receivables from management & BoD members 0 0 l) Payables to management & BoD members 0 0 Cash Flow from financing activities Increase / (decrease) of borrowing 88 –20.921 –10.272 –6.058 Kifissia, November 6, 2007 Dividends paid to Company's shareholders –12.822 –8.005 –12.822 –8.005 THE CHAIRMAN THE MANAGING DIRECTOR Dividends & Share Capital paid to Minority 0 –1.900 0 0 CHARALABOS DAVID	(in € 000's)		GROUP		COMPANY	"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.
	Less:
	Income Tax paid
	Net cash generated from operating activities (a)
	Net cash generated from financing activities (c)	–12.734	–30.826	–23.094	–14.064		PETROS DIAMANTIDES
	Net increase (decrease) in cash and cash equivalents
(a) + (b) + (c) ~~3.232 ~~4.625 ~`–546 ~~1.702 THE GROUP CHIEF FINANCIAL OFFICER THE FINANCE MANAGER
18.220 ~12.106 ~2.271 ~~~393 PANAGIOTIS TABOURLOS VASSILIOS STERGIOU	Cash and cash equivalents at beginning of the year
21.452 ~16.731 ~1.725 `~2.095	Cash and cash equivalents at the end of the year

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

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

Profit before tax from discontinuing operation 0 0 0 1.130 30/9/2007 28/2/2006 Profit before tax 65.391 55.512 12.307 21.153 Sales 0 10.534 Adjustments for: "Profit before income tax Depreciation 14.695 13.688 3.000 2.955 from discontinuing operations" 0 0 Provisions 4.244 5.519 1.145 1.962 EBITDA 0 701 / Loss from disposal of PPE 219 0 0 0 For the parent company EBT in 2006 from the disposal of VPI amounts to 1.130 thousand Euros and Earnings After Tax to 307 thousand Euros. Dividend income 0 0 –3.027 –10.040 3. The main accounting principles as of the balance sheet of 31.12.2006 have been applied. Exchange differences –3.313 –4.664 0 0 4. The pledges on the Group's assets at 30.06.2007 stood at € 6,8 mil. There are no pledges on the Parent company's assets. Changes in Working Capital: 5. Capital expenditure for 2007 amount to: Group € 25,3 mil. (31/12/2006: € 24,3 mil ), Parent company € 1,4 mil. (31/12/2006: € 3,3 mil.) Decrease / (increase) of inventories 7.603 10.303 9.234 –1.181 6. There are no litigation matters which have a material impact on the financial position or operation of the Company and the Group. Decrease / (increase) of trade debtors –32.652 –17.046 –5.903 439 7. The average number of employees for the period stood at: Decrease / (increase) of Intergroup receivables 0 0 309 –4.696 GROUP COMPANY Decrease / (increase) of other receivables 3.368 –5.537 8.259 –7.378 30/09/2007 5.007 529 Decrease / (increase) of other long term receivables 1.254 –2.294 960 –2.441 4.341 645 30/09/2006 (Decrease) / increase of suppliers 2.530 –2.864 –1.564 –1.965 8. The amounts of sales and purchases and outstanding balances of receivables and payables of the Company to and from its related parties (Decrease) / increase of Intergroup payables 0 0 714 132 (according to the provisions of IAS 24) for the period 01.01. - 30.06.2007 were as follows: (Decrease) / increase of other liabilities (except borrowing) –6.707 –6.913 273 –695 30/09/2007 Less: Group Company Income Tax paid –16.736 ~–9.226 ~–4.747 –2.413<br/>a) Sales of goods and services<br/>129.571<br/>26.691<br/>Net cash generated from operating activities (a)<br/>~39.896<br/>~36.478<br/>20.960<br/>~–4.168<br/>b) Receivables from related parties<br/>19.242<br/>4.235<br/>c) Purchases from and payables to related parties<br/>0<br/>0<br/>Cash Flow from investing activities<br/>d) Intergroup Sales of goods and services<br/>0<br/>38.258<br/>Purchase of property, plant and equipment<br/>–24.053<br/>–11.875<br/>–676<br/>–1.480<br/>e) Dividend income from subsidiaries<br/>0<br/>3.027<br/>Purchase of intangible assets<br/>–1.223<br/>–842<br/>–763<br/>–626<br/>f) Receivables from subsidiaries<br/>0<br/>22.097<br/>Proceeds from subsidiaries disposal &amp; other investments<br/>0<br/>11.690<br/>0<br/>12.000<br/>g) Intergroup Purchases of goods and services<br/>0<br/>16.041<br/>Proceeds from disposal of PPE<br/>1.346<br/>0<br/>0<br/>0<br/>h) Payables to subsidiaries<br/>0<br/>1.362<br/>Dividend income<br/>~~~~~0<br/>~~~~~~0<br/>~3.027<br/>10.040<br/>i) Fees of members of Board of Directors<br/>155<br/>155<br/>Net cash generated from investing activities (b)<br/>–23.930<br/>~~–1.027<br/>~1.588<br/>19.934<br/>j) Management compensation<br/>2.203<br/>2.203<br/>Net cash generated from operating &amp; investing activities<br/>15.966<br/>~35.451<br/>22.548<br/>15.766<br/>k) Receivables from management &amp; BoD members<br/>0<br/>0<br/>l) Payables to management &amp; BoD members<br/>0<br/>0<br/>Cash Flow from financing activities<br/>Increase / (decrease) of borrowing<br/>88<br/>–20.921<br/>–10.272<br/>–6.058<br/>Kifissia, November 6, 2007<br/>Dividends paid to Company's shareholders<br/>–12.822<br/>–8.005<br/>–12.822<br/>–8.005<br/>THE CHAIRMAN<br/>THE MANAGING DIRECTOR<br/>Dividends &amp; Share Capital paid to Minority<br/>0<br/>–1.900<br/>0<br/>0<br/>CHARALABOS DAVID<br/>PETROS DIAMANTIDES<br/>Net cash generated from financing activities (c)<br/>–12.734<br/>–30.826<br/>–23.094<br/>–14.064<br/>Net increase (decrease) in cash and cash equivalents<br/>(a) + (b) + (c)<br/>~~3.232<br/>~~4.625<br/>~–546 ~~1.702 THE GROUP CHIEF FINANCIAL OFFICER THE FINANCE MANAGER Cash and cash equivalents at beginning of the year 18.220 ~12.106 ~2.271 ~~~393 PANAGIOTIS TABOURLOS VASSILIOS STERGIOU	Profit before income tax from continuing operation	65.391	55.512	12.307	20.023	From: 01/01 till
	Cash and cash equivalents at the end of the year	21.452	~16.731	~1.725	`~2.095