Grigiskes - Other information

GRIGISKES AB: Group’s profit grew twice in the first half of 2014

Vilnius, Lithuania, 2014-07-29 12:55 CEST (GLOBE NEWSWIRE) -- During the first
half of 2014, the Group consisting of GRIGISKES AB, Baltwood UAB, Klaipedos
kartonas AB, Mena Pak PAT, and Klaipeda recycling UAB achieved consolidate
sales turnover of LTL 175.3 million (EUR 50.8 million). That is LTL 19 million
(EUR 5.5 million) or 12.1% more than during the first half of 2013. 

During the same period, the Company's sales amounted to LTL 81.1 million (EUR
23.5 million), which is LTL 13.2 million (EUR 3.8 million) or 19.5% more than
in the same period last year. 

During the reporting period, the Group earned LTL 10.9 million (EUR 3.2
million) profit before taxes, which is LTL 6.2 million (EUR 1.8 million) or 2.3
times more than in the same period last year. 

During the six months of 2014, the Company earned LTL 4.8 million (EUR 1.4
million) profit before taxes, which is LTL 1.6 million (EUR 0.5 million) or
51.7% more than in the same period last year. 

“Group's and Company's performance indicators are improving steadily and not
accidentally, they are determined by ourselves in implementing our planned
strategy. Active sale operations combined with risk rating and risk management
instruments result in expanding sales. Sales growth is enabled by well-measured
investments of the previous years into new production facilities and renovation
of existing. Profitability is increased by raising labor productivity and
investing in technologies designed to reduce the costs. Recently, main
resources of the Group were focused on three major projects. Two of them were
projects of new biofuel boilers construction in Vilnius and Klaipeda. Klaipedos
kartonas AB has already successfully started to operate its new biofuel boiler,
and already counts benefit of replacing natural gas to biofuel. The biofuel
boiler in GRIGISKES AB is also on its way to finish - it already produces heat.
The third project mentioned above is construction of a new paper machine. After
signing a contract with equipment vendor in the middle of 2013, we plan to
start operate a new paper producing line in the end of 2014", - comments
G.Pangonis, President and Chairman of the Board of GRIGISKES AB. 


         Gintautas Pangonis
         President of GRIGISKES AB
         (+370-5) 243 58 01