Vilnius, Lithuania, 2015-12-22 09:15 CET (GLOBE NEWSWIRE) -- On December 21, 2015, the Board of AB Grigeo Grigiškės reviewed expected results for the year 2015 and planned financials indicators for the year 2016.
Taking into account the actual results of eleven months, forecasts for December, the Company specifies financial indicators for the year 2015: sales of AB Grigeo Grigiškės - EUR 54.4 Mio., profit before taxes – EUR 2.6 Mio., EBITDA – EUR 8.1 Mio. Indicators are adjustment due to the price changes of raw materials causing corrections of products pricing.
In addition to mentioned, Group increases forecasts of profitability: sales of the Group - EUR 104 Mio., profit before taxes – EUR 8.3 Mio., EBITDA – EUR 18.3 Mio. Cause of this positive adjustment is - compared with expected more successful activity of subsidiary companies.
In the same meeting of the Board of AB „Grigeo Grigiškės“ plans for the year of 2016 were approved.
It is planned that the Group that consists of companies AB Grigeo Grigiškės, UAB Grigeo Baltwood, AB Grigeo Klaipedos kartonas, PAT Mena Pak and UAB Grigeo Recycling in the year 2016 will reach a turnover of EUR 112 Mio., which will be by EUR 7.7 Mio. or 7% higher than the expected turnover of 2015. The Group’s profit before taxes will reach EUR 11.1 Mio. and will be by EUR 2.8 Mio. or 34% higher than it is expected for the year 2015. It is also planned that EBITDA of the Group will grow by EUR 1.2 Mio. and will reach EUR 19.5 Mio. in 2016.
It is planned that AB Grigeo Grigiškės in the year 2016 will reach a turnover of EUR 68.3 Mio. and will be by EUR 13.9 Mio. or 26% higher than it is expected for the year 2015. The Company will earn a profit before taxes of EUR 5.1 Mio. which will be by EUR 2.5 Mio. or almost twice higher than it is announced for the year 2015. It is also planned that in 2016 EBITDA of AB Grigeo Grigiškės will grow by EUR 2.9 Mio. and will reach EUR 11 Mio.
These goals will be achieved owing to latter investment which increases production potential of Group Companies. A new tissue papermaking machine successfully operates achieving designed speed of 1800 m/min. Modernization of corrugator has reached the final stage and a new packaging production line is ordered and will start to operate in the mid-year of 2016. Also, in January 2016 subsidiary company Grigeo Klaipėdos kartonas will start to operate a new honeycomb production line and will increase its production by 50%, while in the mid-year cardboard paper manufacturing machine will be modernized, increasing its production capacity by 30%
These forecasts are not audited.
Gintautas Pangonis
President of AB „Grigeo Grigiškės“
(+370-5) 243 58 01