GRIGISKES

MATERIAL EVENT



RESULTS FROM OPERATIONS IN JANUARY 2004



(Unofficial Translation Done at the NSEL)



During the first month of 2004, Grigiskes AB, the largest producer of wood pulp

hardboard and sanitary paper in Lithuania,  gained a profit of LTL 649.9

thousand. It is 1.34 times higher than the profit in January 2003, when it was

LTL 483 thousand.



In January 2004, the Company’s sales and services amounted to LTL 8.070

million. This figure is 30.7% up on the corresponding month last year, when the

 sales and services equalled LTL 6.175 million.



In 2003 the Company’s sales reached LTL 79.7 million; the Company earned an

unaudited profit of LTL 11.64. Compared to 2002, the Company’s profit margin

improved 3.8 times (from LTL 3.049 m), while the sales increased by 16.3% (from

68.52 m in 2002).





Gintautas Pangonis

Director General

(+370-5) 243 58 01