Snaige - Interim information

AB Snaigė sales grew by 18 % in the first quarter with EBITDA’s increased of nine times

Alytus, Lithuania, 2014-05-30 14:54 CEST (GLOBE NEWSWIRE) -- AB Snaigė's
turnover reached 33.6 million litas in the first quarter of this year,
according to unaudited consolidated data; which is 18% higher than the turnover
of the same period last year. 

 According to Mr Čeika, the Managing director of Snaigė, AB, the company
managed to maintain sales growth despite a significant decline in exports to
Ukraine. "Ukraine is very important for us because it is one of our major
markets, and a decrease in sales in this country could be damaging so I am very
happy that the we have been able not only to make up the loss suffered in the
first quarter in Ukraine by developing sales in other markets but have also
experienced steady growth," said Mr Čeika. "For many years, we have worked with
more than 30 countries, and we are used to balancing the risky, profitable
eastern markets and the stable but less profitable western markets. This
strategy has worked very well so far, as can be perfectly demonstrated by the
company's performance results for the first quarter". 

 As a result in Q1 the company sold substantially more of its products to
France (136% more), Germany (40% more), and the Central Asian countries (51%),
compared with the same period last year. A large part of Snaigė, AB's sales
portfolio (13%) was devoted to Poland, where the company sells its products to
Amica, a large manufacturer of home appliances. Significantly the company's
sales also grew in Lithuania, by almost four times compared with the year
before. Although it is a small market, the growth is very rewarding showing
that the local manufacturer's products, which are sold worldwide, are also
appreciated in its home country. 

 The unconsolidated unaudited EBITDA during the 1st quarter 1 million litas,
which is nine times more than during the same period last year. 


         Gediminas Čeika,
         Managing director, Snaigė, AB
         +370 315 56206

Attachments:

Snaige 2014_IQ_financial statements.pdf