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Snaige AB consolidated interim financial information for twelve months period ended 31 December 2019 (unaudited)

Written by Customer Service on . Posted in Public Companies.

According to unaudited consolidated data, in 2019, Snaige AB reached EUR 0.93 million EBITDA. According to Mindaugas Sologubas, CEO of Snaigė, AB, such EBITDA result was affected by poor performance of one of the subsidiary companies in 2019. “The Company itself generated EUR 1.6 million non-audited unconsolidated EBITDA from core business,” Sologubas said, “which is slightly more than in 2018. This indicator is no less important for us than overall consolidated EBITDA”.In 2019, Snaigė, AB, achieved unaudited consolidated turnover of EUR 32.2 million, which is 14 percent less than in 2018. One of the main reasons for the decline in sales is the financial difficulties of one of the company’s largest customer in France and the consequent loss of sales. These losses were partially compensated by the company over the course of the year.
According to the unaudited consolidated data, the company’s EBITDA reachedAccording to Mindaugas Sologubas, one of the most important strategic objectives of the company is the diversification of the product portfolio. “Portfolio diversification will help to avoid seasonality in the future, thus ensuring more even and efficient production. In addition, the loss of a single major customer, as it happened last year, will no longer be as harmful” Mindaugas Sologubas said.In 2020 Snaigė, AB, will start production of larger professional refrigeration equipment, currently it is carrying out design and testing works. The expansion of the professional refrigeration category will strengthen the company’s competitiveness and increase its future revenues.The development of the production of household refrigerating appliances and expansion of the product portfolio also remain a priority – as every year the Company will update its product portfolio and introduce new products.In 2019, the company exported its products to more than 30 countries in Europe, Asia and Africa. The largest sales revenue came from Germany, Ukraine, Lithuania, Czech Republic, Norway.Mindaugas Sologubas
Managing Director, AB “Snaigė“
Phone +370 315 56206AttachmentAB Snaige unaudited consolidated interim financial statements for 12 months period of 2019 year

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