Snaige AB

Regulatory Filings • Jun 18, 2013

Disclosure 307891

Snaige AB - Notification on material event

AB SNAIGE has sold its Russian subsidiary

Alytus, Lithuania, 2013-06-18 15:47 CEST (GLOBE NEWSWIRE) -- AB Snaigė has sold OOO Liga Servis its subsidiary in Russia. The main purpose of the business was to take care of the company's sales and marketing in Russia. According to the company's CEO Gediminas Čeika, to have subsidiaries that are engaged in sales and marketing activities in Russia has become inappropriate after the company started cooperation with POLAIR group of companies. POLAIR is the largest and most well known producer and seller of refrigeration equipment in Russia, with its commercial channels and contacts, which AB „Snaigė“ are starting to use. "- Said G. Čeika. "Results of this cooperation have exceeded all expectations - in first quarter of this year sales to Russia increased by three times. As a result there is no need to duplicate work and to waste money with subsidiaries in Russia. Now the company's group structure consists of Ukrainian OOO Snaige Ukaine, Lithuanian UAB Almecha and Russia OOO Techprominvest - the only subsidiary company in the country which is the closed factory in Kaliningrad, which the company also has the intention to sell. The final subsidiary in Russia OOO"Moroz Trade" is now removed from the Russian Register of Legal Entities. 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. At the first quarter the company earned LTL 1.3 MM consolidated unaudited EBITDA i.e. 4 times more than at the same period last year. AB “Snaigė” chief executive officer Gediminas Čeika +370 315 56206