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Annual Report 07 Frigoglass in Action F R I G O G L a S S S a I C a N N U a L R E P O R T 0 7

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Annual Report 07 Frigoglass in Action F R I G O G L a S S S a I C a N N U a L R E P O R T 0 7 Annual report 07 Frigoglass in action F r i g o g l a s s S A I C A n n u a l r e p o r t 0 7 Frigoglass SAIC 15 A. Metaxa 145 64 Kifisia Athens, Greece Tel: +30 210 616 5700, Fax: +30 210 619 9097 www.frigoglass.com Welcome to Frigoglass Welcome to Frigoglass Frigoglass is the global market leading 01 Financial highlights 02 Company overview Ice-Cold Merchandising [ICM] manufacturer 04 How we work and solution provider, and West Africa’s leading 06 Chairman’s statement 08 Managing Director’s statemen t glass container producer, meeting the needs 10 Customer focus of beverage customers around the world. 12 Multifunctional processes 14 Effciency and quality Frigoglass has operations in 17 countries, 16 Integrity and relationships across four continents. Business review 18 Strategic overview 20 Progress by region With our extensive experience and expertise, 20 Western Europe unique customer-led approach and 22 Eastern Europe 24 Asia Pacific unrivalled focus on efficiency and quality, 26 Africa/Middle East we provide innovative and cost-effective 28 Performance review 28 Cool Operations solutions that deliver value to our 30 Nigeria Operations customers in two key ways: 32 Corporate Social Responsibility Corporate Governance Cool: develop the appropriate and most 34 Financial risk management 35 Directors’ biographies efficient ICM solutions to keep beverages at 36 Remuneration and compensation the optimum temperature for consumption 37 Corporate governance report 38 Shareholders’ information Sell: stimulate the sales of ice-cold drinks Financial statements 40 Balance Sheet for various consumer occasions across 41 Income Statement different trade channels. 42 Statement of Changes in Equity 43 Cash Flow Statement 44 Notes to the Financial Statements As a dynamic and responsible business, 78 Independent auditors’ report we truly believe that our core strength is Additional information 79 Board of Directors’ Report the competency and enthusiasm of our 82 Explanation of the Board of people and that only by helping our Directors’ Report 83 Summary Financial Statements customers meet their strategic goals 87 Press Releases with integrity and consistency can we be 88 Contact details successful in fulfilling our great potential. Designed and produced by Radley Yeldar (London) www.ry.com Frigoglass Annual report 07 Welcome to Frigoglass 01 Financial highlights As we have a proven track-record, scaleable business model and operations in high growth markets, we are confident that our market-leading position and strategy for further growth will deliver long-term value to our shareholders. Top-line growth Revenue Euros m 453 401 307 262 i 221 234 13.1% 0203 04 05 06 07 CAGR 5-Year 15.4% Increase from 2006 EBITDA Euros m 91 80 61 i 48 50 44 12.7% 0203 04 05 06 07 CAGR 5-Year 15.9% Increase from 2006 Net profit Euros m 45 38 i 24 13 9 5 18.1% 0304 04 05 06 07 CAGR 5-Year 55.2% Increase from 2006 Frigoglass Annual report 07 02 Welcome to Frigoglass Company overview Key customer segments Customer groups Trade channels Immediate consumption Future consumption D A Coca-Cola Hellenic 32% HORECA* Supermarkets C Bars Convenience Stores B Breweries 30% Kiosks Grocery stores C Coca-Cola Bottlers (other) 28% Bakeries Liquor stores D All other 10% Gas stations A B *Hotel, Restaurant, Coffee Shops Our core businesses Ice-cold merchandising Glass containers Cool Operations see page 28 Nigeria Operations see p 30 Global Presence Regional/Africa ICM’s stimulate the merchandising and selling of ice cold drinks. Our target is to support beverage We manufacture glass containers companies' sales by creating cold drink availability and stimulating consumer purchases through for beverage, pharmaceutical and the appropriate ICM placements in specific trade channels. cosmetic companies. Sales revenue 86% 13% EBT 89% 10% Our regions Western Europe see page 20 Eastern Europe see page 22 Asia Pacific see page 24 Africa/Middle East see page 26 Production plant: Production plants: Production plants: Production plants: Norway Russia, Romania, India, Indonesia, China Nigeria, South Africa Sales offices: Poland, Greece Sales office: Australia Sales office: Kenya Germany, Spain, France, Nigeria Operations: UK, Ireland, Norway Glass/Other operations Frigoglass Annual report 07 Welcome to Frigoglass 03 Company overview Trade channel : Supermarket Trade channel : Ba r Bottle production Production Africa Asia Western Europe Eastern Europe Frigoglass Annual report 07 04 Welcome to Frigoglass How we work Our core competences Our core values and systems allow us to act responsibly towards the environment Customer focus (and the communities where see pages 10 and 11 we operate) and foster loyalty with our customers and employees. Core competences and Internal systems Integrity and relationships Multifunctional processes see pages 16 and 17 see pages 12 and 13 Efficiency and quality see pages 14 and 15 Our history 1982 1996 1999 Today In the future Inception of Frigoglass Acquisition Global ICM the industrial formed as of Norcool; leader Continued division of a spin-off Frigoglass geographical Cola-Cola listed on expansion Hellenic the Athens through Bottling Stock Exchange acquisitions Company and/or joint ventures Frigoglass Annual report 07 Welcome to Frigoglass 05 How we work Our investment proposition Geographic reach Revenue visibility The Company’s geographic reach, both in terms Frigoglass is well positioned to capture the of production and distribution, acros s four global capex plans of its customers, effected continents, is unparalleled. through annual planning agreements. Unlike most of its competitors, ICM is the core Growth avenues business for Frigoglass . Multichannel and multisegment growth Blue chip customers across key developed markets and further expansion into low penetrated markets Frigoglass’ customer base consists of a (SE Asi a and Middle East ). range of blue-chip custome rs across a variety of segments. Continuous product innovation to meet the unique needs of existing and These include: Coca-Cola Enterprises, prospective custome rs. Coca-Cola Hellenic , BBH, InBev, SABMiller, Heineken , Efes, Nestle, Danone and Expansion through acquisitions and/or GlaxoSmithKline. joint ventures. We continue to look to diversifying our customer base by providing ICM solutions to the unique Responsi bility to the environment requirements of our custome rs. ProCool Award Frigoglass continues to support and develop solutions that Compet itive cost structure are both innovative and environmentally friendly, and this has been acknowledged through the ProCool Award that we Frigoglass can ensure a stable and received for our Easyreach unit at the Hannover Technology competitive cost base. Fair 2006. ProCool is an international initiative supported by the European Commission, which aims to promote the Production in low cost countrie s development of both high quality and environmentally (Russia, Romania, India, Indonesia). friendly equipment for the food and beverage segments. The Easyreach unit is a non-barrier ICM which successfully Increase in raw material costs absorbe d incorporates CO 2 technology to this end. Frigoglass’ through higher capacity utilisation an d next-generation HFC-free products are based on cooperative efforts with global industry leaders on production efficiencies. environmentally friendly refrigeration technologies. Our strategy see page 18 Organic Growth Geographic Capacity Diversification Shareholder value Cost structure Profit Working capital Tax planning Capital structure Frigoglass Annual report 07 06 Welcome to Frigoglass Chairman’s statement Financial Earnings per share Euros “We recognise that the key component 1.14 of our global market leadership is 0.96 our unique offering of bespoke design and delivery of ICM sales solutions, 0.59 i and Glass products, together with our after-sales services, which work 18.1% together to ensure long-term business 05 06 07 partnerships with our customers all CAGR 2-Year 39% Increase from 2006 over the world. ” Financial Net debt/equity Percent 0.44 0.22 0.24 05 06 07 CARG 2-Year –26.1% F Financial Dividends Euros 0.38e 0.32 0.20 i 18.8% 05 06 07 CAGR 2-Year 37.8% Increase from 2006 Harry G. David Chairman Frigoglass Annual report 07 Welcome to Frigoglass 07 Chairman’s statement Fellow Stakeholders, Glass Operations are performing well and h ave evolved to become I am delighted to be writing to you following yet another year of the focus of our activity in Nigeria. It is an operation that has deep excellent progress for your Company. 2006 was an exceptional historic roots for your Company, and is a key part of our business, yea r, making the gains we achieved during 2007 even more and one that we are very proud of. Having undergone successful notable. This momentum confirms the success of our strategy, restructuring, investing in a new furnace, and with the recovery in and the strength of our market offer throughout the world. glass demand from brewers such as Heineken and Guinness, our Glass operations ar e one of Continental Africa’s largest producers Over the past two years we have grown Sales at a CAGR of 21.5 %, and well placed to capitalise on the region’s economic growth. reaching a453 million in 2007, which has resulted in Net Profit trebling over the same time-frame to a45 million, owing to the Our global leadership means that we operate in, and impact benefits of operational leverage within Cool Operations, the many countries. We are committed to ensuring that we maximise successful turnaround in Nigeria Glass and disciplined cost the positive impacts through best-in-class, consistent Human control. At the same time our dividend has grown by 37.8 % p.a., Resources policies, as well as investing in local community and our capital structure has actually strengthened despite the initiatives. In addition, we are committed to promoting significantly increased capital expenditure programme in 2007, environmentally-friendly practices across the markets where led by the exciting China Greenfield development which became we operate, as we believe that is a key value contributor to operational in October.
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