GRIGISKES AB carries out the plans

Grigiskes AB 

09.01.2012 12:16
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Vilnius, Lithuania, 2012-01-09 12:16 CET (GLOBE NEWSWIRE) -- Companies of
GRIGISKES AB Group reached the goals of 2011. According to preliminary
estimates over the twelve months of 2011 the sales turnover of the Group
reached 308 million litas. Over the twelve months of 2011 the turnover of
GRIGISKES AB outmeasured 159 million litas. 

The Board meeting approved a budget of Company and consolidated budget of the
Group on January 9, 2012 

It is estimated that GRIGISKES AB Group's sales in the year 2012 will reach a
turnover of 322 million litas, and will earn profit before taxes of 15 million
litas. 

Despite of the difficulties, which are predicted to the markets in 2012 Group's
management expects to achieve objectives through two main instruments. The
first one - turning the profit into investment in modern production equipment
and advanced production management processes such as 'Lean' system implementing
in all companies of the Group. 

As it is announced, in the first quarter of 2012 the new industrial building of
corrugated cardboard packaging will be opened and new lines of corrugated
cardboard production and cardboard boxes production will start-up in GRIGISKES
AB. The total value of this project is 17.3 million litas. 

The second measure - the increase of Group's segments profitability by
optimizing the main raw material procurement, product supply and logistics
processes and reducing costs. This will be achieved by reforming businesses of
the Group. The first such step was taken on New Year's Eve when GRIGISKES AB
transferred one of segments of its activities - the production of wood fiber
board - to 100% owned subsidiary Baltwood UAB, in exchange for newly issued
shares of the subsidiary. After this all the wood fiber board and wood products
business of the Group is concentrated in one subsidiary company Baltwood UAB. 

Sales of Baltwood UAB will grow from 23.4 million litas in 2011 up to 99
million litas in 2012 after the mentioned business reforming. Accordingly it is
planned that the parent company GRIGISKES AB in 2012 will reach a turnover of
117 million litas and will earn a profit before taxes of 4.6 million litas. 


         Gintautas Pangonis
         General Director
         (+370-5) 243 58 01
News Source: NASDAQ OMX



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Language:     English
Company:      Grigiskes AB
              
               
              Lithuania
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         LT0000102030
WKN:          
 
End of Announcement                             DGAP News-Service
 
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