Snaige AB - Interim information

AB “Snaigė“ delivers strong sales Q1 in a declining market

Alytus, Lithuania, 2012-05-11 14:10 CEST (GLOBE NEWSWIRE) -- In Q1 2012 AB
Snaige has had a strong overall sales performance well ahead of their key
markets and has matched 2011 sales value with revenues of 22m LTL (unaudited,
unconsolidated results). “With some of our key markets affected in the short
term by the economic downturn this has been an excellent result” - said CEO
Gediminas Čeika. 

 According to Gediminas Čeika these results was achieved by a focus in the main
on the more profitable Baltic and Eastern markets with particular success in
Ukraine where sales were ahead by 36% compared with the previous year for the
same period. “However, the company also had a successful result from selected
western markets and in particular in Germany where sales increased by 30%,
partly helped by sales to a new customer “Bomann”, which is famous home
appliance brand in Germany”,- said G. Čeika. 

 Also in Q1 AB „Snaigė“ gained the first benefits of the link with Russian
industrial refrigerators producer „Polair“. With the help of “Polair” the
company produced and sold 3600 units of commercial refrigerators, which is
double compared at the same period last year. Additionally the two companies
are working closely together using their corporate procurement specialists to
focus on optimization of corporate procurement to save on raw materials and on
parts for the production process. 

 Gediminas Čeika said,- “We are satisfied with the results of Q1 and have
delivered against the sales targets we set for the quarter. Additionally we
focused on developing new products and preparation for the summer season.” 

 In the second and third quarter of this year, AB Snaige is preparing to
deliver updated series of „Snaigė Ice Logic“ refrigerators to maximize its
results. These new products have a refreshed internal design and new
technologies such as dynamic cooling system, zero zone, and the electronic
control which company believes it will delight its consumers. 

 In order to further strengthen the delivery of these products in Ukraine, the
company is going to launch a national advertising campaign on TV, Internet and
outdoor media channels. 

Finally during Q1 AB „Snaigė“ refinanced it's short term loan portfolio onto
long-term loans with the aim of maximizing the benefits from the loan
portfolio. 
Unaudited unconsolidated EBITDA profit of the company in the first quarter of
2012 exceeded the LTL 583 thousand. 


         AB “Snaigė” CEO
         Gediminas Čeika
         +370 315 56206

Attachments:

SNG_2012_IQ_statements.pdf