Frigoglass I C : Interim Consolidated FS June 2023 & H1 2023 Special Purpose Financial Information

Frigo DebtCo PLC

1) Interim Consolidated Financial Statements 6 March - 30 June 2023

Frigo DebtCo PLC consolidates Frigoinvest Holdings B.V. (and each of its subsidiaries) from 27 April 2023, when the ownership was transferred to Frigo DebtCo PLC through an enforcement of the pledge over the shares of Frigoinvest Holdings B.V.

2) Special Purpose Financial Information 01 January - 30 June 2023

The special purpose financial information is delivered under each of the Senior Secured Notes Indenture and the Reinstated Notes Indenture relating to the Senior Secured Notes and the Reinstated Notes, respectively, issued by Frigo DebtCo PLC on 27 April 2023 (the "Implementation Date") as a result of the Restructuring. Comparative periods and the period 01.01-27.04.2023 (included in the current year period) reflect the financial performance of the Frigoglass Group based on the pre-Restructuring consolidation perimeter.

Frigo DebtCo PLC

Interim Consolidated Financial Statements

(unaudited and unreviewed)

6 March 2023 - 30 June 2023

Frigo DebtCo PLC

One Angel Court, 13th Floor

EC2R 7HJ, London, United Kingdom

Date of Incorporation: 06.03.2023

Company Number: 14707701

Frigo DebtCo PLC

Interim Consolidated Financial Statements 6 March - 30 June 2023

Table of Contents	Pages
1. Interim Consolidated Income Statement	4
2. Interim Consolidated Statement of Comprehensive Income	5
3. Interim Consolidated Statement of Financial Position	6
4. Interim Consolidated Statement of Changes in Equity	7
5. Interim Consolidated Cash flow statement	8
6. Notes to the Interim Condensed Financial Statements
(1)	General information	9
(2)	Summary of significant accounting policies	10
(3)	Financial risk management	23
(4)	Critical accounting estimates and judgments	24
(5)	Segment and revenue information	25
(6)	Finance income and cost	28
(7)	Income tax expense	28
(8)	Earnings/(losses) per share	29
(9)	Property, plant and equipment	30
(10)	Right-of-use assets and lease liabilities	31
(11)	Intangible assets and goodwill	32
(12)	Deferred taxes	33
(13)	Inventories	34
(14)	Trade receivables	34
(15)	Other current assets	35
(16)	Borrowings	35
(17)	Other payables	36
(18)	Share capital and share premium	37
(19)	Other reserves	38
(20)	Interests in other entities	38
(21)	Post-balance sheet events	39
(22)	Contingent liabilities and commitments	40
(23)	Related party transactions	40
(24)	Cash flow information	41
(25)	Business combination	42

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Interim Consolidated Income Statement

		Consolidated
		Unaudited/Unreviewed
		Period
€' 000	Notes	6 March* - 30 June 2023
Revenue from contracts with customers	5	82,036
Cost of goods sold		(70,164)
Gross profit		11,872
Administrative expenses		(3,522)
Selling, distribution and marketing expenses		(2,780)
Development expenses		(261)
Other operating income		104
Other gains / (losses) - net		(7)
Operating Profit / (Loss)		5,405
Finance costs	6	(7,438)
Finance income	6	25,329
Finance income / (costs) - net		17,890
Profit / (Loss) before income tax		23,295
Income tax expense	7	(10,589)
Profit / (Loss) for the period		12,706
Profit / (Loss) is attributable to:
Owners of Frigo DebtCo Plc		7,513
Non-controlling interests		5,193
		12,706
Adjusted EBITDA	5	8,351
Earnings/(loss) per share for profit / (loss) attributable to the ordinary equity
holders of the company:
Basic earnings/(losses) per share in €	8	111.84

The above interim consolidated income statement should be read in conjunction with the accompanying notes.

*Frigo DebtCo PLC was incorporated on 6 March 2023. Frigo DebtCo PLC consolidates Frigoinvest Holdings B.V. (and each of its subsidiaries) from 27 April 2023, when the ownership was transferred to Frigo DebtCo PLC through an enforcement of the pledge over the shares of Frigoinvest Holdings B.V.

4

Interim Consolidated Statement of Comprehensive Income

		Consolidated
		Unaudited/Unreviewed
		Period
€' 000	Notes	6 March* - 30 June 2023
Profit / (Loss) for the period		12,706
Other comprehensive income / (expense)
Items that may be reclassified to income statement
Foreign currency translation gains / (losses) shareholders	19	(29,290)
Foreign currency translation gains / (losses) non-controlling interest		(20,652)
Other comprehensive income / (expense) for the period, net of tax		(49,942)
Total comprehensive income / (expense) for the period		(37,236)
Total comprehensive income / (expense) for the period is attributable to:
Owners of Frigo DebtCo PLC		(21,777)
Non-controlling interests		(15,459)
		(37,236)

Exchange differences result mainly from the significant devaluation of the Naira versus the Euro (837.64 for June 2023 versus 508.1 for April 2023).

The above interim consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

*Frigo DebtCo PLC was incorporated on 6 March 2023. Frigo DebtCo PLC consolidates Frigoinvest Holdings B.V. (and each of its subsidiaries) from 27 April 2023, when the ownership was transferred to Frigo DebtCo PLC through an enforcement of the pledge over the shares of Frigoinvest Holdings B.V.

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