Snaige AB - Interim information

Sales of AB “Snaigė” up 57 percent in first quarter and EBITDA increased by 4 times

Alytus, Lithuania, 2013-05-31 16:16 CEST (GLOBE NEWSWIRE) -- Turnover at AB
“Snaigė” reached an all time high of LTL 34,4 MM in the first quarter
(unaudited consolidated data), which is an increase of 57% vs. last year.
Predominantly, sales have increased in eastern markets : Uzbekistan by 23
times, Tadzhikistan by almost 6 times, Russia by over 3 times. Sales also grew
in some key western markets : France by 18%, Bulgaria by 38% and Poland by 24%.
Additionally this year SC “Snaigė” entered the markets of Finland, Belgium, and
Hungary where it had not been trading during Q1 of the previous year. The
companies EBITDA grew from LTL 0.325 MM to LTL 1.3 MM an increase of 4 times. 

 According to AB “Snaigė” CEO G. Čeika, even though the first quarter brought a
loss of LTL 1,1 MM (unaudited consolidated data) due to this being the low
season and with especially higher heating costs this year, it was more than LTL
1 MM better than the same period last year. “In our business sales are very low
at the beginning of winter, thus, we always get less income than spend at that
time, and a summer season brings increased sales by several times,” - reported
G. Čeika. „Therefore, during the first and second quarters we pay more
attention to the preparation for the warm season: we update equipment, buy more
raw materials, and produce for stock to have enough production for a summer
season.“ 

 Although AB “Snaigė” labels over 60 percent of refrigerators with their own
brand, the rest is produced for famous home appliance manufacturers and retail
chains. This year the company will continue to produce refrigerators to the
following companies: “Severin”, “Bomann” in Germany, “Conforama” in France 
and, “Orima” in Portugal. We are pleased to have the largest Polish home
appliance manufacturer “Amica” having joined our customers' ranks. 

 AB “Snaigė” CEO G. Čeika says the results of the first quarter should be seen
very positively. “We have reached our budgetted sales plans for the first
quarter, - affirmed G. Čeika. “Moreover, we accomplished much in creating new
products and improving cooling technologies.” 

 Since the beginning of the year, we have already released to the market a
“Snaigė” branded refrigerator with a cold section “0 Fresh Zone”. This year
during the second and third quarter our company will present a new higher
freezer, a new two-door refrigerator with glass doors of a Premium class and an
innovative refrigerator of the highest energy class A+++. We know that not
every manufacturer can make a boast of such a refrigerator. 


         AB “Snaigė” chief executive officer Gediminas Čeika
         +370 315 56206

Attachments:

SNG_2013_I_Q_statements _ with confirmation.pdf