Frigoglass S.A.

Quarterly Report • Sep 24, 2015

FRIGOGLASS S.A.I.C. COMMERCIAL REFRIGERATORS

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 2008

According to the Resolution 6/448/11.10.2007 of the 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.

Date of Approval of the Financial Statements: Company's Web Address:	October 23, 2008 www.frigoglass.com
	1.1. BALANCE SHEET
(in € 000's)		CONSOLIDATED	COMPANY
ASSETS	30/09/2008	31/12/2007	30/09/2008 31/12/2007
Property, plant and equipment Intangible Assets	177.228 30.326	150.370 5.430	12.006 3.554	12.859 3.438
Investments in subsidiaries Deferred income tax assets	0 4.139	0 2.614	73.531 406	59.781 406
Other Long term assets Total Non Current Assets	1.821 213.514	2.580 160.994	1.083 90.580	2.143 78.627
Inventories Trade debtors	116.199 96.570	116.245 52.618	12.166 12.073	14.945 5.055
Other debtors	24.954	20.658	789	1.476
Income Tax advances Intergroup receivables	8.908 0	16.724 0	22.598 56.550	12.188 21.790
Cash & cash equivalents Total Current Assets	66.211 312.842	17.313 223.558	35.309 139.485	3.806 59.260
Total Assets	526.356	384.552	230.065	137.887
LIABILITIES Long term borrowings	2.550	2.810	0	0
Deferred income tax liabilities	10.341	9.016	827	827
Retirement benefit obligations Provisions for other liabilities & charges	16.515 7.487	14.992 6.725	8.269 861	7.284 1.391
Deferred income from government grants Total Non Current Liabilities	294 37.187	333 33.876	144 10.101	169 9.671
Trade creditors Other creditors	37.732 32.470	41.573 35.939	4.645 5.574	9.387 7.227
Current income tax liabilities	12.258	11.427	19.287	7.494
Intergroup payables Short term borrowings	0 186.899	0 62.222	2.679 55.977	8.597 0
Total Current Liabilities Total Liabilities (d)	269.359 306.546	151.161 185.037	88.162 98.263	32.705 42.376
EQUITY
Share capital Share premium	40.201 11.049	40.135 9.680	40.201 11.049	40.135 9.680
Other reserves	24.432	21.151	23.795	22.843
Retained earnings / Equity attributable to company shareholders (a)	120.413 196.095	106.071 177.037	56.757 131.802	22.853 95.511
Minority Interest (b) Total Equity (c) = (a) + (b)	~23.715 219.810	~22.478 199.515	~~~~~0 131.802	~~~~~0 ~95.511
Total Liabilities & Equity (c) + (d)	526.356	384.552	230.065	137.887
1.3. ELEMENTS OF STATEMENT OF CHANGES IN EQUITY
(in € 000's)	30/09/2008	CONSOLIDATED 30/09/2007	30/09/2008	COMPANY 30/09/2007
Open Balance 01/01 2008 & 2007	199.515	162.245	95.511	85.657
Profit of the period Dividends to Company's shareholders	40.825 –15.394	46.326 –12.800	51.133 –15.276	8.302 –12.800
Minority arising on acquisition	–1.362	0	0	0
Currency Translation Differences Shares issued to employees exercising stock options	–4.208 66	–1.585 0	0 66	0 0
Stock Option Reserve Net income recognized directly in equity	368 0	0 –2	368 0	0 –2
Closing Balance 30/09/2008 & 2007	219.810	194.184	131.802	81.157
	1.4. CASH FLOW STATEMENT
(in € 000's)		CONSOLIDATED From 1/1 to	From 1/1 to	COMPANY
	30/09/2008	30/09/2007	30/09/2008	30/09/2007
Cash Flow from operating activities Profit before income tax	58.338	65.391
Adjustments for:
Depreciation			70.302	12.307
	17.560	14.695	2.389	3.000
Provisions / Loss from disposal of PPE & intangible assets	4.123 –2.316	4.244 219	1.118 0	1.145 0
Dividend income Exchange differences	0 –3.758	0 –3.313	–64.434 0	–3.027 0
Changes in Working Capital:
Decrease / (increase) of inventories Decrease / (increase) of trade debtors	9.875 –43.329	7.603 –32.652	2.778 –7.018	9.234 -5.903
Decrease / (increase) of Intergroup receivables	0	0	–34.761	309
Decrease / (increase) of other receivables Decrease / (increase) of other long term receivables	–1.858 1.024	3.368 1.254	687 1.060	8.259 960
(Decrease) / increase of suppliers (Decrease) / increase of Intergroup payables	–11.538 0	2.530 0	–4.742 –5.918	–1.564 714
(Decrease) / increase of other liabilities (except borrowing)	2.169	–6.707	–1.653	273
Less: Income Tax paid Net cash generated from operating activities (a)	–21.110 ~~9.180	–16.736 ~39.896	–18.020 –58.212	–4.747 20.960
Cash Flow from investing activities
Purchase of property, plant and equipment	–16.368	–24.053	-587	–676
Purchase of intangible assets Investments in subsidiaries	–2.226 0	–1.223 0	–1.150 –13.750	–763 0
Acquisition of subsidiary net of cash acquired	–14.980	0	0	0
Proceeds from disposal of PPE & intangible assets Dividend income	4.699 ~~~~~~0	1.346 ~~~~~~0	0 ~64.434	0 ~~3.027
Net cash generated from investing activities (b) Net cash generated from operating & investing activities	–28.875 –19.695	–23.930 15.966	~48.947 –9.265	~~1.588 22.548
Cash Flow from financing activities
Increase / (decrease) of borrowing Dividends paid to Company's shareholders	83.921 –15.275	88 –12.822	55.977 –15.275	–10.272 –12.822
Dividends & Share Capital paid to Minority	–119	0	0	0
Proceeds from issue of shares to employees Net cash generated from financing activities (c)	~~~~~66 ~`68.593	~~~~~~0 –12.734	~~~~~66 40.768	~~~~~~0 –23.094
Net increase / (decrease) in cash and cash equivalents (a) + (b) + (c)	~48.898	~~3.232	~31.503	~~–546

Cash and cash equivalents at the end of the period ~66.211 ~21.452 ~35.309 ~~1.725

1.2. ELEMENTS OF INCOME STATEMENT
(in € 000's)	CONSOLIDATED From 01/01 to			COMPANY From 01/01 to		CONSOLIDATED From 01/07 to		COMPANY From 01/07 to
				30/09/2008 30/09/2007 30/09/2008 30/09/2007 30/09/2008 30/09/2007 30/09/2008 30/09/2007
Net Trade Sales		423.651 382.143	75.355	85.112	85.286	91.590		8.430 17.891
Cost of goods sold				–315.864 –273.276 –61.292 –70.736 –70.038 –70.256 –7.083 –15.398
Gross Profit		107.787 108.867	14.063	14.376	15.248	21.334	1.347	2.493
Administration Expenses		–20.319 –20.033 –12.886 –13.327			–6.566		–6.495 –3.930 –4.236
Selling, Distribution & marketing expenses		–22.061 –18.668	–6.563	–5.294	–7.244		–6.616 –1.863 –1.188
Research & Development expenses	–2.541	–2.395	–1.480	–1.691	–874	–770	–527	–551
Other Operating income	3.028	1.290	14.645	16.086	–202	214	2.499	4.958
Other / Gains	2.288	–53	2	41	–21	143	0	41
/ Gains from restructuring activities	–1.182	–41	0	0	–1.178	–41	0	0
Operating Profit	67.000	68.967	7.781	10.191	–837	7.769	–2.474	1.517
Dividend Income	0	0	64.434	3.027	0		0 64.434	0
Finance costs	–8.662	–3.576	–1.913	–911	–1.598	–723	–993	–318
Profit before income tax	58.338	65.391	70.302	12.307	–2.435	7.046	60.967	1.199
Income tax expenses		–17.513 –19.065 –19.169		–4.005	–1.132		–2.432 –16.267	–395
Profit after income tax expenses	40.825	46.326	51.133	8.302	–3.567	4.614	44.700	804
Attributable to:
Minority interest	2.903	1.497	0	0	1.075	437	0	0
Shareholders of the company	37.922	44.829	51.133	8.302	–4.642	4.177	44.700	804
Basic Earnings per share attributable to the
shareholders of the company (in Euro)	0,9438	1,1207	1,2726		0,2076 –0,1155	0,1045		1,1125 0,0201
Diluted Earnings per share attributable
to the shareholders of the company (in Euro) 0,9423		1,1207	1,2706		0,2076 –0,1154	0,1045		1,1108 0,0201
Depreciation	17.560	14.695	2.389	3.000	5.854	4.632	562	891
EBITDA	85.742	83.703	10.170	13.191	6.195	12.442	–1.912	2.408

Note: /Gains from restructuring activities have been incorporated in the calculation of EBITDA.

ADDITIONAL INFORMATION

1. The main accounting principles as of the balance sheet of 31.12.2007 have been applied.

2. Group companies that are included in the consolidated financial statements with their respective locations as well as percentage of ownership are presented in Note 14 of the interim financial statements.

3. The pledges on the Group's assets at 30.09.2008 stood at € 16.1 mil. There are no pledges on the Parent company's assets. 4. Capital expenditure for 2008 amounted to: Group € 18.6 mil. (31/12/2007: € 54.6 mil ), Parent company € 1.7 mil. (31/12/2007:

€ 2.5 mil.)

5. There are no litigation matters which have a material impact on the financial position or operation of the Company and the Group. 6. During 2008 the Group acquired 86% of SFA Sogutma Ic Ve Dis Ticaret A.S. in Turkey. The company is incorporated in the

Group's consolidated financial statements for the first time on 31/03/2008. Relevant information is presented analytically in Note 23 of the interim financial statements.

7. During 2008 the Group set up the holding company Global European Holdings B.V. in Netherlands. The company is incorporated in the Group's consolidated financial statements for the first time on 31/03/2008.

8. The average number of employees for the period stood at:

	Consolidated	Company
30/09/2008	5.795	486
30/09/2007	5.007	529
9. The amounts of income and expenses and outstanding balances of receivables and payables of the Company to and from its
related parties (according to the provisions of IAS 24) were as follows:	30/09/2008
	Consolidated	Company
a) Income	138.847	112.557
b) Expenses	0	21.458
c) Receivables	19.288	58.269
d) Payables	0	2.679
e) Transactions & Fees of members of Management & Board of Directors	2.129	2.129
f) Receivables from management & BoD members	0	0
g) Payables to management & BoD members	0	0
10. The Group and the parent company provisions are analysed below:
	Consolidated		Company

	30/09/2008	31/12/2007		30/09/2008 31/12/2007
a) Provisions for litigation matters	0	0	0	0
b) Provisions for warranty	4.478	4.004	740	878
c) Other Provisions	3.009	2.722	121	513
Total	7.487	6.726	861	1.391

The category of Other provisions includes mainly provisions for discount on sales, for unused paid holidays, sales on tax and provisions for recycling costs.

11. Group companies that are included in the consolidated financial statements with the respective information regarding the fiscal years unaudited by the Tax authorities are presented analytically in Note 18 of the interim financial statements. The amount of the provision on the consolidated financial statements for the unaudited fiscal years of the Group's companies amounts to 2,2 mil euros.

12. Amounts in the Income statement of the previous period have been reclassified so as to be comparable with those of the current period. During the period 01/01/2008 - 30/09/2008, for the Parent Company and the Group, there has been a reclassification from administration expenses to selling & distribution expenses of 1.054 thousand euros. Relevant information is presented in note 27 of the interim financial statements.

Kifissia, October 23, 2008

THE CHAIRMAN THE MANAGING DIRECTOR HARALAMBOS DAVID PETROS DIAMANTIDES

THE GROUP CHIEF FINANCIAL OFFICER THE HEAD OF FINANCE PANAGIOTIS TABOURLOS VASSILIOS STERGIOU