GRIGISKES AB reached annual targets set for 2013

| Source: Grigeo

Vilnius, Lithuania, 2014-02-24 09:45 CET (GLOBE NEWSWIRE) -- The year of 2013 was rich with the material events to the Company and the Group: in the beginning of the year a loan supply contract for LTL 35 Mio (EUR 10.1 Mio) for a purchase and construction of a new paper manufacturing machine was signed; successfull SPO with the value of LTL 10 million (EUR 2.9 million); the mentioned paper manufacturing machine was ordered and it’s production process started; the construction of two biofuel boilers started in Vilnius and Klaipėda; the projects of increase of efficiency of thermal energy in Klaipėdos kartonas AB and improvement of performance of wood fiber board production line in Baltwood UAB were implemented; volumes of sales were increased.

During the twelve months of 2013, the Group consisting of GRIGISKES AB, Baltwood UAB, Klaipedos kartonas AB, Mena Pak PAT, and Klaipeda recycling UAB achieved the consolidate sales turnover of LTL 328.8 million (EUR 95.2 million). It is LTL 39.3 million (EUR 11.4 million) or 13.6% more than during the twelve months in 2012.

During the same period in question, the Company's sales amounted to LTL 148.6 million (EUR 43.0 million), which is LTL 37.6 million (EUR 10.9 million) or 33.8% more than in the same period last year.

During the reporting period, the Group earned LTL 15.4 million (EUR 4.5 million) profit before taxes, which is LTL 4.7 million (EUR 1.4 million) or 44.6% more than in the same period last year.

During the twelve months of 2013, the Company earned LTL 7.1 million (EUR 2.1 million) profit before taxes.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) of the Group and Company, if compared with the twelve months of 2012, increased by 22.6% and 10.3%, respectively: during the twelve months of 2013, EBITDA of the Group was LTL 43.6 million (EUR 12.6 million), of the Company LTL 22.7 million (EUR 6.6 million).

Growth of financial figures was achieved at the result of completed investments in 2012 and the expansion of sales in 2013.

According to the evaluation made by the Board of GRIGISKES AB, on the 11th of January 2013 proclaimed forecasted financial indicators for the year 2013 of GRIGISKES AB and Group are achieved. Thus, the Ordinary General Meeting of Shareholders of the Company will be proposed to distribute for dividends for the year 2013 of not less than two times higher than the dividend per share was paid for the year 2012.

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