Frigoglass Reports Earnings Results for the Second Quarter and Six Months of 2016; Provides Earnings Guidance Results for the Year 2016
August 04, 2016 at 09:00 am
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Frigoglass reported earnings results for the second quarter and six months of 2016. For the second quarter, the company reported second quarter sales declined by 5.1% to EUR 138 million. EBITDA declined by 11.4% to EUR 17.3 million in the quarter, with the respective margin retreating by 90 basis points to 12.6%. Net losses reached EUR 16.8 million in the quarter, whereas excluding restructuring costs and capital structure review-related expenses, net losses were EUR 0.5 million for the quarter compared to a breakeven result last year.
For the six months period, sales were down 9.6% at EUR 240 million, with currency translation having a negative impact of 3.4 percentage points.
For the year 2016, the company expects CapEx to reach around EUR 10 million to EUR 12 million and about EUR 6.5 million for glass, EBITDA margin for the glass business to be around at the current level.
Frigoglass SA is a Greece-based international group engaged in the manufacture, trade and distribution of commercial refrigeration units and packaging materials primarily used in the beverage industry. Its products include Ice Cold Merchandisers, which are refrigeration units for commercial use; glass containers, including bottles for soft and alcohol drinks, jars used for cosmetics and pharmaceuticals; plastics, which include plastic crates for the beverage industry, polyethylene pipes and plastics for industrial applications; metal crowns used in the sealing of beverage bottles, and home refrigeration, specializing in customized units for corners, pantries and wine cellars for the home use. It has production facilities in Romania, Russia, Greece, Turkey, India, China, Indonesia, South Africa, Nigeria, and the United States. It also has sales offices established across Europe, Africa and Asia. Its customers include Coca-Cola, Carlsberg, Diageo, Heineken and Nestle.
FRIGOGLASS S.A.I.C. 
