Grigiskes AB - Notification on material event

Audited results of GRIGISKES AB of year2011

Vilnius, Lithuania, 2012-04-11 15:42 CEST (GLOBE NEWSWIRE) -- Over the year
2011 the turnover of GRIGISKES AB outmeasured LTL 159,3 Mio (EUR 46,1 Mio) and
by LTL 14,3 Mio (EUR 4,1 Mio) or 9,9 % exceeded forecasted turnover for 2011. 

Over the same period the consolidated turnover of GRIGISKES AB Group, which
consists of the production companies GRIGISKES AB, Baltwood UAB, Klaipedos
kartonas AB, Mena Pak OAO and company engaged in the waste paper business of
Klaipeda recycling UAB, outmeasured LTL 307,7 Mio (EUR 89,1 Mio). It is by LTL
7,7 Mio (EUR 2,2 Mio) or 2,6 % above proclaimed forecasted turnover for 2011. 



Over the year 2011 audited profit before taxes of the GRIGISKES AB reached LTL
13,5 Mio (EUR 3,9 Mio) and was by LTL 8,7 Mio (EUR 2,5 Mio) or 2,8 times higher
than it was forecasted. 

Company's consolidated profit before taxes increased compared with the
published forecasts for the year 2011 mostly due to the asset revaluation,
which was needed by the transfer of a part of activities to the subsidiary
Baltwood UAB, announced on December 2, 2011. Asset revaluation increased profit
before taxes by LTL 5,8 Mio (EUR 1,7 Mio). 

After the effect of asset revaluation is eliminated, the Company's audited
profit before taxes is LTL 7.7 Mio (EUR 2.2 Mio. 



Over the year 2011 an audited consolidated profit before taxes of GRIGISKES AB
Group reached LTL 12,1 Mio (EUR 3,5 Mio) and was by LTL 0,1 Mio (EUR 0,03 Mio)
higher than it was forecasted. 

The Group's audited consolidated profit before taxes is by LTL 6,7 Mio (EUR 1,9
Mio) lower than the published Group's unaudited consolidated profit before
taxes largely due to the mentioned elimination of business valuation effect. 


         Gintautas Pangonis
         General Director
         (+370-5) 243 58 01