Snaige - Notification on material event

Correction of annual result of SNAIGĖ AB

In line with the accounting standards and fulfilling the obligatory decision of the Supervisory board director of the Bank of Lithuania No. 241-19, Snaigė AB adjusted its anual financial result  of year 2017 by reclassifying loans and accrued interest to group companies, worth 12.2 million EUR, to the doubtful debts. The Company had mentioned about possibility of such decision in its interim annual reports.

According to Gediminas Čeika, General Director of the Company, such debt reclassification worsened the company's annual financial result, but this does not mean that the debt is written-off or will not be required to be repaid. Moreover, the group companies have not violated the terms of the contracts, and the deadlines for repaying loans have not yet come to an end.

There were no more significant adjustments in Company results . The audited annual reports of the Company will be published next week.

Managing Director

Gediminas Čeika
+370 315 56206