In 2012, the company achieved an EBITDA of EUR 38.1 mln., which is an increase of 5.7% y/y - in the lower end of the guided range of 5-15%. This is a result of lower than planned production (but particularly in 3Q) and the unfavorable impact of the polymer price pass-through mechanism. Based on the increased production capacity (Egyptian line) and thanks to the optimized product portfolio mix the company expects 2013 to deliver an improvement in the financial results and a 5 to 15% year-on-year growth in EBITDA. Overall results are mostly in-line with expectations, we would expect NEUTRAL market reaction. Pegas 4Q12 results