GRIGISKES AB reached the goals of 2011 and set new plans for 2012

Grigiskes AB 

09.01.2012 12:07
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Vilnius, Lithuania, 2012-01-09 12:07 CET (GLOBE NEWSWIRE) -- The GRIGISKES AB
Group reached the goals of 2011. According to unaudited data over the twelve
months of 2011 the sales turnover of the Group which consists of the production
company GRIGISKES AB, Baltwood UAB, Klaipedos kartonas AB, Mena Pak OAO and
company engaged in the waste paper business of Klaipeda recycling UAB reached
LTL 308 Mio. (EUR 89.2 Mio.) which is by LTL 8 Mio. (EUR 2.3 Mio.) or 2.7%
higher than proclaimed forecasted turnover for 2011. 

Over the twelve months of 2011 the turnover of GRIGISKES AB outmeasured LTL 159
Mio. (EUR 64 Mio.) and was by LTL 14 Mio. (EUR 4.1 Mio.) or 9.7% higher than
proclaimed forecasted turnover for 2011. 

On January 9, 2012 the Board meeting approved a budget for the year 2012.

It is planned that The Group which consists of companies GRIGISKES AB, Baltwood
UAB, Klaipedos kartonas AB, Klaipeda Recycling UAB and Mena Pak OAO in the year
2012 will reach a turnover of LTL 322 Mio. (EUR 93.3 Mio), which is LTL 22 Mio
(EUR 6.4 Mio) or 7.3% over the turnover of 2011. The Group's profit before
taxes will reach LTL 15 Mio (EUR 4.3 Mio) and will be LTL 3 Mio (EUR 0.9 Mio)
or 25% higher than it is expected for the year 2011. 

It is also planned that GRIGISKES AB in the year 2012 will reach a turnover of
LTL 117 Mio (EUR 33.9 Mio) and will be less by LTL 42 Mio (EUR 12.2 Mio) than
not audited sales of the year 2011 are. The company will earn profit before
taxes of LTL 4.6 Mio (EUR 1.3 Mio) which will be by LTL 0.2 Mio (EUR 0.1 Mio)
less than it is expected for the year 2011. 

In planning the activities for the year 2012 among the other factors the
Company has evaluated the impact of on December 2, 2011 disclosed and on
December 31, 2011 implemented transference of a part of activities (wood fiber
board manufacture) to a subsidiary Baltwood UAB. Up to 31.12.2011 GRIGISKES AB
had three main operating business units - reportable segments: 'Paper and paper
products', 'Hardboard and hardboard products' and also 'Corrugated cardboard
and related products' and since the year 2012 company will have two business
units - reportable segments: 'Paper and paper products' and 'Corrugated
cardboard and related products'. Namely the mentioned transference has led to
the reduction of forecasted turnover by 26.4 percent and profit before taxes by
4.2 percent for the year 2012 compared to the forecasted results of the year
2011. 

These forecasts are not audited.


         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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