CORRECTION: Grigeo group is expecting to grow 19%

Vilnius, Lithuania, 2016-12-22 10:47 CET (GLOBE NEWSWIRE) -- On December 15, 2016, the Board of AB Grigeo Grigiškės approved budget  of 2017 and adjusted expected results for the year 2016.

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 2017 will reach a turnover of EUR 121,5 Mio., which will be by EUR 19,6  Mio. or 19% higher than the expected turnover of 2016. The Group’s profit before taxes will reach EUR 5,8 Mio. and will be by EUR 1,3 Mio. or 29% higher than it is expected for the year 2016. It is also planned that EBITDA of the Group will grow by EUR 4,5 Mio. and will reach EUR 20,7 Mio. in 2017.

It is planned that AB Grigeo Grigiškės in the year 2017 will reach a turnover of EUR 68 Mio. and will be by EUR 11,6 Mio. or 21% higher than it is expected for the year 2016. The Company will earn a profit before taxes of EUR 3 Mio. It is also planned that in 2017 EBITDA of AB Grigeo Grigiškės will grow by EUR 2,1 Mio. and will reach EUR 11,5 Mio.

Taking into account the actual results of eleven months, forecasts for December, the Company adjusted financial indicators for the year 2016: sales of AB Grigeo Grigiškės - EUR 56,4 Mio., profit before taxes – EUR 3,3 Mio., EBITDA – EUR 9,4 Mio. Indicators are adjustment due to the price changes of raw materials causing corrections of products pricing.

In addition to mentioned, Group adjusted forecasts for the year 2016: sales of the Group -101,9 EUR  Mio., profit before taxes – EUR 4,5 Mio., EBITDA – EUR 16,2 Mio.

These forecasts are not audited.

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