Athens, February 24th, 2006: Frigoglass Group S.A., Europe's leading manufacturer and solutions provider of Ice Cold Merchandisers (ICMs), with operations in 14 countries across three continents, announces results for the 12 months ended 31st December 2005.

Full Year 2005 Highlights
- Revenues grew by 14,5% to ?389,8m, adjusted* + 16,1% to ? 306.8m- EBITDA rose to ?67,4m, (+ 13% vs 2004), adjusted* +22% to ? 60,6m
- Strong EAT improvement of 68,5% above prior year to ? 24,3m
- ROE (after tax & minority interest) progresses to 20,7% from 15,3%
- Net cash flow generated from operations reaches ? 38,4m
- Sale of shareholding in Volos PET Industries for ?15m

* adjusted : without including PET operations (VPI) in Consolidated Sales & EBITDA

Mr Dimitris Lois, Managing Director, Frigoglass Group SA, commented: "It is with pride that we announce today the results of a year of Strong Performance all round. During 2005 a lot of ground has been covered towards both key objectives of sustained profitable growth and capital redeployment. The implementation of our strategic plans in a consistent and focused manner, has delivered results as our core businesses continue to grow, expanding our presence in new markets and sectors. Innovative products appealed to our existing customers, particularly in the Beer sector, whilst our reputation for high quality attracted new customers in Europe, South East Asia and Africa. Investments in automation as well as initiatives in capacity utilisation and supply chain improvement mitigated the effect of higher raw material prices. At the same time, further operational and financial efficiencies with effective cash management have resulted in significant profitability gains. Following our capital redeployment plan we proceeded with the divestment of our shareholding in VPI, the PET operation. The ongoing business is more consistent with our strategic focus on core activities as well as more efficient yielding both higher returns and reduced gearing. Our financial performance will continue to improve as our people are passionately committed to successfully executing our strategy and extending of our leadership in new and existing markets".

Lillian Phillips
Investor Relations
Tel: +30 210 6165757
E-mail: lphillips@frigoglass.com
Alastair Hetherington FD Greece
E-mail: alastair.hetherington@fd.com

Group Review (including PET operations):
2005 was an important year for Frigoglass" development and growth in core operations. Cool Operations consistently performed well, as new product offerings and further investment in Sales & Marketing secured a continued expansion of customer base and entry into new markets. Nigeria margins improved substantially during the year, as a result of the introduction of operational and financial efficiencies. Increased selling prices in VPI lifted Group sales but weaker margins due to high raw material costs, diluted overall Group gross and operating profit. Full Year 2005 Group revenues increased 14,5% over 2004 to ?389.8 million. Cool Operations was the strongest performer, up 24,3% to ?241,3 million representing 61,9% of Group revenue. Nigeria, with sales largely flat, contributed 16,4% while VPI, recording a 9% sales increase, represented 21,3% of Group revenue. The Group remained consistent in its "efficiency through quality" approach and cost conscious management. These, combined with strong revenue growth, saw the Group 2005 operating profit (EBIT) rise by 13,7% to ?43 million despite operating in an environment of persistently high raw material prices. Strong sales growth, improved operating margins, further improvement in the rationalisation of the effective tax rate and reduced financing costs, combined to raise full year net earnings to ? 24,3 million, up 68,5% over 2004.In line with the Capital Redeployment plan, harvesting Frigoglass? 51% stake in VPI will free up resources that will enable the Group to focus on the core business, improve operating performance and yield significant cash. VPI will be consolidated into Frigoglass Group results until February 28th, 2006.