February 24, 2006 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."
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