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Frigoglass 9M Net Firmer

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Frigoglass’ Consolidated Net Sales increased 37.1% for the first nine months of the year, to EUR346.6 million, demonstrating improving momentum on a quarterly sequential basis, with third quarter Sales increasing 55.3%.

“This was driven by an acceleration in top-line growth at Cool Operations, where Sales increased 43.6% in the first nine months, to EUR287.1 million, and increased 62.5% in the third quarter,” the company said.

Net Profit increased by 192.2% to EUR19.0 million in the nine months, despite an increase of 9.8% in the financial expenses and the increased effective tax rate to 26% compared 22.7% in the respective period last year.

Glass Operations also demonstrated top-line sequential improvement over the course of the year, with Sales increasing 12.5% in Euro terms for the first nine months to EUR59.5 million, and increasing 32.6% in the third quarter. Sales at Cool Operations represented 83% of Consolidated Sales in the nine month period, compared to 79% in the comparable prior year period.

Within Cool Operations, Sales in Eastern Europe continued to demonstrate ongoing strong growth, increasing 87.2% in the first nine months, driven by an incremental contribution from Russia, Serbia and Ukraine. Sales in Western Europe continued to accelerate in the third quarter, and increased 12.6% in the first nine months of the year, as significant incremental contributions from Italy, Belgium, Sweden, Austria and France. Sales in Asia / Oceania increased 47.1% in the first nine months, driven by substantial incremental contributions from Indonesia, China, the Philippines and Malaysia. Sales growth in Africa / Middle East increased 13.5% in the first nine months, with the largest incremental contributions derived from Zimbabwe, Nigeria and South Africa. In the USA, the integration of Frigoglass North America continues to progress in line with expectations.

At a Consolidated level, Operating Profit (EBIT) increased 79.6% in the first nine months, to EUR40.6 million, reflecting the effect of positive operating leverage owing to a combination of improved top-line momentum and the rationalisation of the cost base. Net Profit increased 192.0% in the first nine months, to EUR19.0 million.

Net Cash flow after operational and investing activities amounted to an outflow of EUR55.5 million, compared to an outflow of EUR1.6 million in the nine months of last year. This reflects an increase in net working capital requirements due to strong improvement in sales, together with a capex outflow of EUR17.5 million, versus EUR9.5 in the comparable period last year. The cash position will improve in the fourth quarter as the level of trade debtors decreases and inventories normalize. For the nine months, cash generated from operations before working capital movements amounted to EUR50.2 million, compared to EUR27.2 million in the first nine months of 2009.
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