Snaige - Interim information

Snaigė, AB’s EBITDA reached EUR 3.6 million in the first nine months

Alytus, Lithuania, 2016-10-31 15:59 CET (GLOBE NEWSWIRE) -- Snaigė, AB’s EBITDA
reached EUR 3.6 million in the first nine months of this year (according to the
unaudited consolidated data), which is 31 per cent higher than compared to the
same period last year. 

The company’s sales revenue dropped by 9 per cent than compared to the same
period last year and accounted for EUR 32 million (according to the unaudited
consolidated data). The company exported around 89 per cent of all produce. 

According Gediminas Čeika, the CEO of Snaigė AB, the drop in sales was
determined by aggressive pricing policies invoked by Chinese manufacturers in
certain Western markets. “We are not always able to compete with Chinese
manufacturers which are seeking to secure a position in Western European
markets by offering an unreasonably low price.”– stated Mr G. Čeika. “We cannot
afford operating at a loss; hence, we have lost a share of the sales in certain
markets like France.” 

That said, the company increased its earnings in terms of exports to Ukraine,
Czech Republic, Latvia, Moldova and other countries where Snaigė brand was
well-known and associated with quality and durability. In the afore-mentioned
countries, consumers gave their preference to the time- tested Lithuanian
manufacturer. 


         CEO of Snaigė, AB
         Gediminas Čeika
         +370 315 56206

Attachments:

Snaige financial statements 2016 QIII with confirmation.pdf