Interim consolidated report of AB Grigeo covering six months of 2019 and endorsement of the responsible persons

During the six months of 2019, AB “Grigeo” group (hereinafter - the Group), consisting of AB “Grigeo”, UAB „Grigeo Packaging“, UAB „Grigeo Baltwood“, AB „Grigeo Klaipėda“, PAT „Mena Pak“, UAB „Grigeo Recycling“ and SIA “Grigeo Recycling” achieved the consolidate sales turnover of EUR 70.8 million. It is by EUR 0.8 million less than during the six months of 2018.

During the reporting period, the Group earned EUR 6.1 million profit before taxes, which is by EUR 1.7 million less than in the same period in 2018.

Earnings before interest, taxes, depreciation and amortization (EBITDA) of the Group, if compared with the six months of 2018, decreased by EUR 3 million and reached EUR 11.8 million.

The negative change in the Group's key financial indicators was due to the decrease in the market prices for raw material for corrugated cardboard production and insufficient sales, limited by production volumes.

During the six months of 2019, AB “Grigeo” (hereinafter – the Company) sales amounted to EUR 32.7 million, which is by EUR 7.7 less than in the same period last year.

During the reporting period, the Company earned EUR 9.9 million profit before taxes. The Company's EBITDA reached EUR 3.9 million and decreased by EUR 1 million.

Changes in the Company's business performance indicators were determined by the transfer of the corrugated cardboard production business to the subsidiary UAB “Grigeo Packaging”. More detailed information is disclosed in the 2019-01-03 notice on material event.

The forecast of the Group financial results in 2019 remain unchanged.

More information is provided in the interim consolidated report of AB “Grigeo” covering the six months of 2019 with endorsement of the responsible persons (see attachments).

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

Attachments

• GRI2019yIh interim report EN
• GRI2019yIh responsible confirmation