Frigoglass, following a question from the Hellenic Capital Market Commission regarding the recent developments in Ukraine and Russia, informs the investment community that it operates a commercial refrigeration plant in Russia through its subsidiary, Frigoglass Eurasia LCC.
According to the listed company, the markets of Russia and Ukraine constitute 14.5% and 2.4% of the Group’s sales, respectively, according to the unaudited data of 2021. Our subsidiary in Russia had, also significant exports (finished and semi-finished products) to other countries and to the Group’s subsidiaries in 2021, as it operates as the main production unit in Europe after the fire at our factory in Romania in June 2021. Furthermore, the subsidiary in Russia is 20% of the Group’s assets for 2021.
We buy raw materials in Russia, which are consumed by our subsidiary and represent 23% of the total markets of the Commercial Refrigeration sector in 2021.
Frigoglass is working to assess the impact of US, UK and EU sanctions. in its subsidiary and in the Professional Refrigeration sector. At present, we have faced supply chain constraints related to product movements and the import of raw materials, while reviewing and drawing up plans to maintain the smooth running of the supply chain. We are also continuing to monitor the situation closely and develop emergency plans in the event of new restrictions being imposed.
Our subsidiary maintains credit lines with international and state-owned banks in Russia. As of December 31, 2021, our subsidiary had a loan of € 34 million.
Further updates will be made as and when needed.
Source: Capital

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