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

During the twelve months of 2019, AB “Grigeo” group (hereinafter - the Group), consisting of AB “Grigeo”, UAB „Grigeo Packaging“, UAB „Grigeo Baltwood“, AB „Grigeo Klaipėda“, AT „Mena Pak“, UAB „Grigeo Recycling“ and SIA “Grigeo Recycling”, achieved the consolidate sales turnover of EUR 140.3 million. It is by EUR 2.2 million less than during the twelve months of 2018.

During the reporting period, the Group earned EUR 15.9 million profit before taxes, which is by EUR 1.6 million more than in the same period in 2018.

Earnings before interest, taxes, depreciation and amortization (EBITDA) of the Group, if compared with the twelve months of 2018, increased by EUR 0.2 million and reached EUR 28.3 million.

During the twelve months of 2019, AB “Grigeo” (hereinafter – the Company) sales amounted to EUR 65.1 million, which is by EUR 17.4 less than in the same period last year.

During the reporting period, the Company earned EUR 18.1 million profit before taxes. The Company's EBITDA reached EUR 11.3 million and, if compared with the same period last year, increased by EUR 2 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 ) and dividends received from investing activities.

The Group's and the Company's revised were partially confirmed. Due to decrease of the prices in raw material more than planned, the Company's EBITDA is by EUR 2.7 million higher than was planned.

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

Gintautas Pangonis

President of Grigeo AB

(+370-5) 243 58 01

Attachments