Frigoglass - comment

The material released so far contain a page worth of words regarding the Russian situation and two lines in particular reading cryptically: "Following the uncertainty created by the Ukraine-Russia conflict, we have started executing a plan to enhance our assembly set-up in Romania to mitigate potential risks until the new plant will be up and running.” From where we are standing this falls well short of communicating a reliable fall-back position to replace the Russian volume for central and Western Europe in case that can no longer be exported. Meanwhile, the start date for the Romanian facility has slipped into Q123. Q4 was in line with model on Sales, EBITDA, FCF and Cash.