SNAIGĖ, AB

Significant EBITDA growth despite declining sales

According to unaudited consolidated data, Snaigė, AB, achieved a turnover of EUR 12.3 million in the first half of 2020, i.e. 22% lower than during the same period last year.

According to Mindaugas Sologubas, CEO of Snaigė, AB, the decrease in sales is a consequence of the global pandemic and global quarantine. “Due to the restrictions imposed by the quarantine, the company's factory in Alytus was forced to work at part capacity for a couple of months, some employees were in downtime,” said Sologubas. “There is a shortage of supply, as many of our suppliers are in the countries affected by the pandemic. As a result, we our production output much lower than what we had planned for this period.”

Despite the lower unaudited consolidated turnover for the first half of the year, the company's unaudited consolidated EBITDA increased by 34% compared to the same period last year and reached EUR 0.8 million.

According to Mr. Mindaugas Sologubas, the growth of EBITA was conditioned by several factors – more profitable, albeit lower sales, internal fixed cost savings program and received state compensation for downtime.

Despite the unfavourable circumstances influenced by the pandemic, Snaigė, AB, implemented long-cherished plans and started serial production of professional refrigeration equipment. The first such products were successfully sold in the second quarter of this year.

In the first half of 2020, the company exported its products to almost 30 countries in Europe, Asia and Africa. Exports accounted for 90% of the Company's total turnover.  The Company's largest foreign sales markets in the first half of the year were Ukraine (21%), Germany (21%), the Czech Republic (9%), France (6%), and Austria (6%). 

Snaigė, AB General Director
Mindaugas Sologubas
Phone: [phone]

Attachment

• Snaigė AB Unaudited financial statements for the first half of 2020