Snaige - Interim information

SNAIGE EBITDA GREW 11 TIMES AND THE LOSS REDUCED BY 4 TIMES IN 2014

Alytus, Lithuania, 2015-02-27 18:53 CET (GLOBE NEWSWIRE) -- Based upon
unaudited consolidated data, AB Snaigė achieved an EBITDA of 6.1 million LTL
(1.8 million EUR) in 2014 which is 11 times more than in 2013. 
The Company's unaudited consolidated turnover exceeds 146 million LTL (42.3
million EUR) which is 17 per cent lower than the last year. 

The turnover has been significantly influenced by events in Ukrainian market
and general adverse situation in Russia and in the areas influenced by Russia. 

Gediminas Čeika, Managing Director of AB Snaigė, assesses the 2014 results and
activities positively. Though we lost much of our Ukrainian market sales, which
is one of the biggest and most profitable markets, this loss has been largely
compensated in other markets”, said G. Čeika. “Excluding the fall in Ukraine,
sales of the Company increased around 18 percent. I am proud of my team's
ability to immediately answer the changing circumstances and to change their
actions to benefit the Company."

  The efforts of AB Snaigė to maintain the sales by selling more in other
markets have been successful: Sales increased 39 per cent in France, 31 percent
in Poland and 14 percent in Germany comparing with the previous year. 

  Sales of AB Snaigė also increased considerably in Lithuania up 46 percent
comparing with the last year. “I am happy that the fridges of Snaigė are
marketable not only in France, Germany, Portugal and other European countries
but also in Lithuanian market", said Gediminas Čeika. “Today Snaigė is a second
bestselling fridge trademark in Lithuania. Some of our products are really
bestsellers and remain in the list of bestselling fridges for many months.” 

  During the year AB Snaigė introduced some new products to its customers: The
energy saving fridge of the class A+++ with extremely low energy consumption, a
new freezer of larger volume, fridge in the higher energy class with “No frost”
freezing system."  The latter won a gold medal as Lithuanian product of the
year. 

  According to the unaudited consolidated data, AB Snaigė incurred a loss of
2.2 million LTL (0.7 million EUR), (which is 4 times lower comparing to the
last year) which was caused by the creation of provisions for possible
write-offs of the debts of customers from Crimea and east Ukraine. The
situation in their country forced them to suspend their activities. 


         Managing Director of AB Snaigė
         Gediminas Čeika
         +370 315 56206

Attachments:

Snaige financial statements QIV_ 2014 with confirmation.pdf