2016-08-05 08:45:02 CEST

2016-08-05 08:45:02 CEST


REGULATED INFORMATION

Lithuanian English
Grigiskes - Interim information

Interim consolidated report of AB Grigeo Grigiškės covering six months of 2016 and endorsement of the responsible persons 


Vilnius, Lithuania, 2016-08-05 08:45 CEST (GLOBE NEWSWIRE) -- During the six
months of 2016, the Group consisting of AB Grigeo Grigiškės, UAB Grigeo
Baltwood, AB Grigeo Klaipėdos kartonas, PAT Mena Pak and UAB Grigeo Recycling
achieved the consolidate sales turnover of EUR 50.3 million. It is EUR 0.9
million less than during the six months of 2015. 

During the same period in question, the Company's sales amounted to EUR 26.9
million, which is EUR 0.6 million more than in the same period last year. 

During the reporting period, the Group earned EUR 2.3 million profit before
taxes, which is EUR 2.2 million less than in the same period last year. 

During the six months of 2016, the Company earned EUR 2.034 million profit
before taxes, which is EUR 2 thousand more than in the same period last year. 

Earnings before interest, taxes, depreciation and amortisation (EBITDA) of the
Group and Company, if compared with the six months of 2015, decreased by 12%
and increased by 8%, respectively: during the six months of 2016, EBITDA of the
Group was EUR 7.9 million, of the Company EUR 4.5 million. 

During the six months of 2016, if compared with the same period last year, the
decrease of Group's profit before taxes was caused by the decrease of sales
volume of Group's separate companies. This decrease was forecasted. It was
caused by the prices changes in wood segment, which were affected by the market
factors. The second important factor was subsidiary's preparation for monthly
production suspension, which was related to the modernisation of corrugated
paper production machine increasing production capacity. More information about
this project was provided by notification on material event on the 10th of July
2015. 

The same above-mentioned factors also influenced change of Group's EBITDA.

However, despite of these changes, management of the Group doesn't change on
the 22nd of December 2015 proclaimed forecasted financial indicators for the
year 2016 of the Group. 

More information is provided in the interim consolidated report of AB Grigeo
Grigiškės covering the six months of 2016 with endorsement of the responsible
persons (see attachments). 


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