August 12, 2016
During the six months of 2016, the Group consisting of AB Grigeo Grigiškės, UAB Grigeo Baltwood, AB Grigeo Klaipėdos kartonas, PAT Mena Pak and UAB Grigeo Recycling achieved the consolidate sales turnover of Euro 50.3 million. It is Euro 0.9 million less than during the six months of 2015.
During the same period in question, the Company's sales amounted to Euro 26.9 million, which is Euro 0.6 million more than in the same period last year.
During the reporting period, the Group earned Euro 2.3 million profit before taxes, which is Euro 2.2 million less than in the same period last year.
During the six months of 2016, the Company earned Euro 2.034 million profit before taxes, which is Euro 2 thousand more than in the same period last year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) of the Group and Company, if compared with the six months of 2015, decreased by 12% and increased by 8%, respectively: during the six months of 2016, EBITDA of the Group was Euro 7.9 million, of the Company Euro 4.5 million.
During the six months of 2016, if compared with the same period last year, the decrease of Group's profit before taxes was caused by the decrease of sales volume of Group's separate companies.
This decrease was forecasted. It was caused by the prices changes in wood segment, which were affected by the market factors. The second important factor was subsidiary's preparation for monthly production suspension, which was related to the modernisation of corrugated paper production machine increasing production capacity. More information about this project was provided by notification on material event on the 10th of July 2015.
The same above-mentioned factors also influenced change of Group's EBITDA.