Leading position in highly consolidated markets; Good profitability supported by low-cost locations, although weakened because of high energy prices and restructuring costs during the last few quarters; and Long-term customer relationships, of which some are backed by long-term contracts. Limited cash flows, of which most will be used to fund high capital expenditures in the short to medium term; Exposure to volatility in energy prices and seasonality of beverage industry; Consolidation of the group's customer base; and Small size of group. The ratings on Yioula Glassworks S.A. (Yioula), a Greece-based manufacturer of glass containers for the food and beverage industry in southeast Europe, reflect the company's highly leveraged financial risk profile, limited size and diversification, the group's exposure to the...
Companies mentioned in this report are: Yioula Glassworks S.A.,Owens-Illinois Inc.,Ardagh Packaging Group PLC,Gerresheimer AG
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