AB SNAIGĖ results for the first quarter of 2021 year

AB Snaigė successfully coped with the challenges caused by the pandemic and took advantage of the opportunities that arose, therefore in the first quarter, it is reporting better performance results than last year.
According to unaudited consolidated data, in the first quarter of 2021, the company reached almost 7 million. EUR turnover, i.e. 32 percent higher than the same period last year.
The company earned 193 thousand—unaudited consolidated EBITDA.
According to AB Snaigė General Manager Mindaugas Sologubas, the growth of sales during the off-season is related to the increased demand for household and commercial refrigeration appliances in Europe, which has arisen logistics disruptions and rising prices for deliveries from China. "Many of our customers both abroad and in Lithuania felt the shortage of goods, and we, being flexible and fast in terms of logistics, offered our products," said Mindaugas Sologubas. "Unfortunately, we cannot be happy about that - like all producers in the world, we are facing massive increases in raw material prices and shortages, which will make it challenging to meet the growing demand for our product“.

In the first quarter of this year, AB Snaigė exported most of its products to Germany, Morocco, Austria, the Czech Republic and Ukraine. Sales to such countries as Switzerland, Italy, Poland and Norway grew significantly. The company's exports accounted for 95 percent total sales revenue.

Attached: AB Snaige consolidated interim financial statements for three months period ended 31 March 2021 (unaudited).

Managing Director
Mindaugas Sologubas
Phone +370 315 56206

Attachment

• Consolidated Interim Finacial Statements for 3months Period

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