Snaige AB - Other information

LTL 35. 56 million is the amount Snaigė AB reduced its loss over the year

Alytus, Lithuania, 2011-02-21 16:03 CET (GLOBE NEWSWIRE) -- According to
unaudited consolidated data, the consolidated unaudited turnover of Snaigė AB
comprised LTL 113.84 million over 2010 and consolidated unaudited net loss of
Snaigė AB totaled LTL 2.6 million. In the same period of the previous year the
consolidated unaudited net loss of the company was LTL 38.2 million. 
Alytus factory incurred a consolidated unaudited loss only of LTL0.48 million
in 2010. 

According to the Director General Gediminas Čeika of Snaigė AB this loss could
be avoided. “This loss is the maintenance expenses of a closed Kaliningrad
factory of Snaigė AB and office in Moscow”, stated G. Čeika. “Costs exceeded
LTL 2 million and this directly affected our profitability figures. I am glad
that in the nearest time the premises of Kaliningrad factory will be rented,
therefore, the company will not incur loss due of these premises. Besides, we
are expecting that the active search of potential purchaser of the factory,
which is currently carried out, will be successful.” 

In Gediminas Čeika view, the company succeeded to overcome the most difficult
years of economic recession. “Optimization of production and management,
mobilization of capacity allowed not only to survive but also to maintain a
stable operation, to retain a large part of its markets and marketability of
production.” 

In 2010 Snaigė AB exported its products to 30 European and Asian countries. The
largest number of Lithuanian refrigerators was acquired by Germany, Ukraine,
France and Portuguese. 

We did not forget our consumers: in May we presented new energy-efficient
refrigerators Snaigė Ice Logic A++ (using twice as little energy). These
refrigerators became very marketable not only in Lithuania, but also in many
European countries”. 

Consolidated unaudited EBITDA of the company for 2010 totaled LTL 9.5 million,
i.e. by LTL 23.9 million more than in the same period of the previous year.
Non-consolidated unaudited EBITDA of Alytus factory comprised LTL 10.12
million. According to the Gediminas Čeika it is undoubtedly positive index
evaluating the company's activity. 

In 2011 Snaigė AB is going to invest LTL 3,7 million to new technology and new
product development. 


         Managing Director
         Gediminas Čeika
         +370 315 56206