Pulp & Paper News

Grigiskes FY 2013 interim results: profit before taxes up 44.6% from year ago to LTL 15.4 million

VILNIUS, Lithuania , Feb. 24, 2014 (Globe Newswire) - 

During the twelve months of 2013, the Group consisting of GRIGISKES AB, Baltwood UAB, Klaipedos kartonas AB, Mena Pak PAT, and Klaipeda recycling UAB achieved the consolidate sales turnover of LTL 328.8 million (EUR 95.2 million). It is LTL 39.3 million (EUR 11.4 million) or 13.6% more than during the twelve months in 2012.

During the same period in question, the Company's sales amounted to LTL 148.6 million (EUR 43.0 million), which is LTL 37.6 million (EUR 10.9 million) or 33.8% more than in the same period last year.

During the reporting period, the Group earned LTL 15.4 million (EUR 4.5 million) profit before taxes, which is LTL 4.7 million (EUR 1.4 million) or 44.6% more than in the same period last year.

During the twelve months of 2013, the Company earned LTL 7.1 million (EUR 2.1 million) profit before taxes.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) of the Group and Company, if compared with the twelve months of 2012, increased by 22.6% and 10.3%, respectively: during the twelve months of 2013, EBITDA of the Group was LTL 43.6 million (EUR 12.6 million), of the Company LTL 22.7 million (EUR 6.6 million).

According to the evaluation made by the Board of GRIGISKES AB, on the 11th of January 2013 proclaimed forecasted financial indicators for the year 2013 of GRIGISKES AB and Group are achieved. Thus, the Ordinary General Meeting of Shareholders of the Company will be proposed to distribute for dividends for the year 2013 of not less than two times higher than the dividend per share was paid for the year 2012.

More information is provided in the interim consolidated report of GRIGISKES AB covering the twelve months of 2013 with endorsement of the responsible persons.

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