Snaige AB - Interim information

Snaigė 2013 Strong Results are Adjusted by Sales of Russian Subsidiary's Real Estate

Alytus, Lithuania, 2014-02-28 15:24 CET (GLOBE NEWSWIRE) -- According to
unaudited consolidated data, Snaigė, AB has achieved a turnover of 176 m LTL in
2013 (i.e. 18% more than over the same period of year 2012 ). Unaudited
consolidated loss before tax of the company in 2013 has reached (8,6m) LTL.
However, unaudited consolidated EBITDA for core activities reached 14m LTL
which was 22% ahead of the year 2012. 

This negative result is caused by losses related to sales of real estate
belonging to the company's subsidiary, “Techprominvest”.  According to Snaigė,
AB CEO Gediminas Čeika, These are losses unrelated to the core activities of
the company. “Unaudited consolidated profits exceeded 5,5m LTL which is 5 times
more than the same period of the previous year.”- says G.  Čeika. “- We are
satisfied, that this loss was the last one associated with “Techprominvest”.
Having not operated the plant for several years meant unnecessary expenses for
its maintenance and that now the company will use its resources in more
effective way.” 

Substantial 18% turnover growth was achieved due to the company's successful
exports. The most remarkable growth the company achieved in Poland (+12 times),
Central Asia (+156 %), France (+104 %), Baltic countries (+99%), Bulgaria
(+29%) vs. the same period of year 2012. 

2013 Snaigė, AB exported its products to 33 European and Asian countries. The
main markets for the company remained the same: Ukraine, Central Asia France
and Germany. According to Gediminas Čeika, CEO of Snaigė AB those countries
reflect the structure of the entire sales portfolio of the Snaigė Company,
i.e., balancing between risky and profitable East, and less profitable, but
stable West. Such portfolio diversification allowed the company to compensate
sales if some difficulties occur in certain markets. 

In Lithuania this year was particularly good for the company. Successful
marketing and sales strategies have improved the company's turnover by 78%.
Snaigė refrigerators are among the best selling refrigerators in the country. 

 According to CEO of the company Gediminas Čeika, one of the most important
reasons for growth of sales is constant and diligent improvement of
technologies and creation of new products. “In 2013 Snaigė, AB was recognized
as the Innovative Enterprise of Lithuania and awarded the Prize for
Innovation,” - says G. Čeika. “This award is given to companies which have
introduced new products, significantly improved the existing ones, or
significantly improved their technological processes within the span of 3
years. Snaigė, AB has met all of the criteria: in the last three years the
company has created and brought to the market 8 completely new products and 14
modifications of existing products.” 

 In 2013 alone the company has introduced consumers to a refrigerator and
freezer combination with glass surface doors, RF34NF refrigerator with frost
free cooling system, highly energy efficient refrigerator of the A+++ class as
well as new 163 cm high freezer. 

 According to Gediminas Čeika, Snaigė, AB faces a difficult year in 2014.
Because of the events in Ukraine sales in this country, one of the most
important markets for the company, are expected to decline. “We are not
dramatizing the situation for now and hope to be able to balance our sales
portfolio by increasing product sales in other countries,” - says G. Čeika. 


         CEO of Snaigė, AB
         Gediminas Čeika
         +370 315 56206

Attachments:

SNG_2013_financial statements with confirmation.pdf