Grigiskes - Interim information

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

Vilnius, Lithuania, 2016-05-09 09:14 CEST (GLOBE NEWSWIRE) -- During the three
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 26 million. It is EUR
0.4 million more than during the three months of 2015. 

During the same period in question, the Company's sales amounted to EUR 13.4
million, which is EUR 0.2 million more than in the same period last year. 

During the reporting period, the Group earned EUR 1.4 million profit before
taxes, which is EUR 1.1 million or by 44% less than in the same period last
year. 

During the three months of 2016, the Company earned EUR 0.4 million profit
before taxes, which is EUR 0.7 million or by 63.6% less than in the same period
last year. 

Earnings before interest, taxes, depreciation and amortisation (EBITDA) of the
Group and Company, if compared with the three months of 2015, decreased by
12.9% and 10%, respectively: during the three months of 2016, EBITDA of the
Group was EUR 4.1 million, of the Company EUR 2.1 million. 

During the three months of 2016, profitability of the Group and Company was
lower than a year ago, largely due to the result of other operations. In 2015
the result of other operations was increased by income from disposal of
emission allowances and sales of non-current assets. Investments of 2015 were
financed by these funds. Also, the profitability was partly influenced by more
expensive raw materials and electricity, if compared with the first quarter of
2015. 

Nevertheless, the Group and the Company does not change forecasts of financial
indicators for 2016 and take active steps for reaching the planned results. 

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


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

Attachments:

GRI2016yI interim report.pdf

GRI2016yIq responsible confirmation.pdf