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SNAIGĖ AB information for the ordinary general shareholders meeting

Nachrichtenquelle: globenewswire
13.04.2021, 16:29  |  104   |   |   

SNAIGĖ AB is providing the audited company’s financial statements for 2020, the auditor’s report, the annual report and the project of distribution of profit (loss) for the ordinary general shareholders meeting of the Company which will be held on 30 April 2021.

The company's shareholders are invited to participate in the ordinary General meeting and vote on the agenda items in writing, by filling voting ballot in advance and submitting to the Company (by address Pramones str. 6, Alytus, Lithuania), because the quarantine will be continuing in the territory of the Republic of Lithuania on the meeting day and for this reason the usual meeting on meeting place will not take place. The document confirming the right to vote must also be sent together with voting ballot.

According to audited consolidated data, AB SNAIGĖ achieved a turnover of EUR 29 million in 2020, i.e. 9 % less than 2019.

According to Mindaugas Sologubas, CEO of AB SNAIGĖ, the first quarantine had the most significant sales impact. "Due to the restrictions imposed in the spring, the company's factory in Alytus was forced to work at part capacity for a couple of months, and some employees were in downtime," said M. Sologubas. "- "There was a shortage of supply, as many of our suppliers were in the countries affected by the pandemic".

However, in the third quarter, the Company's sales already reached the third quarter of 2019. And the fourth, compared to 2019. - exceeded 12%. However, this was not enough to cover the losses incurred in the spring.
According to M. Sologubas, in the context of quarantine, household refrigerators and especially freezers were in great demand. In many countries, their demand has increased by almost 50%. Understandably, people wanted to store food for a more extended period during the quarantine.

The Company's audited consolidated EBITDA in 2020 reached 2.7 million. EUR.
According to Mindaugas Sologubas, CEO of AB SNAIGĖ, the growth of EBITDA was determined by several factors - more profitable, albeit lower sales, internal fixed cost savings program and received state compensation downtime.

Despite the pandemic's unfavourable circumstances, AB SNAIGĖ implemented long-cherished plans and started serial production of professional refrigeration equipment. The Company began to produce refrigeration and cooling units developed in the Company and expanded the showcase and storage refrigerators range. In the last quarter of last year, the Company successfully adapted its showcase refrigerators for pharmacies and other medical institutions. Such refrigerators went to hospitals and polyclinics in Lithuania and other countries.
In 2020 the share of professional equipment in the total portfolio of the Company was almost 20%.

During 2020, AB SNAIGĖ exported its products to almost 30 European, Asian and African countries. The Company's largest foreign sales markets were Ukraine (19%), Germany (16%), the Czech Republic (8%), France (5%), and Austria (4%). Exports accounted for 89 % total turnover of the Company.

Mindaugas Sologubas
General manager SNAIGĖ AB
Phone +370 315 56206

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SNAIGĖ AB information for the ordinary general shareholders meeting SNAIGĖ AB is providing the audited company’s financial statements for 2020, the auditor’s report, the annual report and the project of distribution of profit (loss) for the ordinary general shareholders meeting of the Company which will be held on …

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