Snaige AB - Interim information

„Snaigė“AB has earned 552 thousand LTL

Alytus, Lithuania, 2011-10-26 17:10 CEST (GLOBE NEWSWIRE) -- According to the
unaudited non-consolidated data, during  the 9 months of 2011, „Snaigė“ AB
achieved turnover in the amount of LTL 93.4 million, i.e. by 5 per cent more
than in the same period of the last year, when the unaudited non-consolidated
turnover amounted to LTL 88.7 million. Within the 9 months the company achieved
LTL 552 million of total unaudited non-consolidated profit , when last year
during the same period the company had incurred LTL 905 thousand unaudited
non-consolidated loss. 

 During the first three quarters of the year  „Snaigė“ AB successfully
introduced a new range of refrigerators with glass doors and a new refrigerator
model with increased freezer compartment to Ukraine, Germany, Italy and other
markets. These products have been positively evaluated by the company‘s
customers and consumers. 

 With the help of implementation of cost reduction programs, the Company
managed to reduce the operate costs during the first three quarters of the year
by 10 percent. 

 According to Gediminas Čeika, „Snaigė“ AB Managing Director, despite the
successful delivery of products on the market and implemented cost saving
programs, results of the three-quarters could be better. “Due to foreign
currency exchange fluctuations, „Snaigė“ AB had revaluated debts of closed
factory in Kaliningrad. - said G. Ceika - “For this reason, the unaudited
consolidated loss of „Snaigė“ AB amounted to LTL 4.3 million“. 

 G. Čeika‘s sales and sluggish growth slowing prognosis were proved in
consumption of both European and Baltic markets. “I think that not only
„Snaigė“ AB, but also the majority of enterprises will not be satisfied with
the significantly recovered sales this year. Contrary to initial expectations:
the growth of consumption is slowing, while in some markets it is even
decreasing.“ - said G. Ceika. 

 Rising costs of raw material and material also had a negative impact on the
company‘s results during the third quarter. 

 According to the unaudited non-consolidated data EBITDA of „Snaigė“ AB of the
9 months of 2011 amounted to LTL 7.8 million. 

 A Consolidated non-audited turnover of the company totaled LTL 90.7 million,
while consolidated unaudited EBITDA was LTL 4 million. 


         Managing Director
         Gediminas Čeika
         +370 315 56206

Attachments:

SNG_2011_IIIQ_statements_with confirmation.pdf