SNAIGĖ AB information for the ordinary general shareholders meeting

SNAIGĖ AB is providing the audited company’s financial statements for 2019, 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 2020.

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, 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.

The voting ballot which could be printed and after filling sent to SNAIGĖ AB is provided in addition of this announcement, too.

In 2019 SNAIGĖ AB earned 1.7 million EUR audited non-consolidated EBITDA from its core business, almost the same as in 2018. However, the failure of one of the subsidiaries had a negative impact on the company's consolidated result. We earned less than we planned, i. y. EUR 1 million Consolidated audited EBITDA.

In 2019, we reached 32.2 million EUR audited consolidated turnover, which was 14% less than in 2018. According to Mindaugas Sologubas, CEO of Snaige, AB this decrease is due to the financial difficulties of one of the company's largest customers in France, which also directly affected our turnover. “Over the year, we have been able to partially offset these losses by increasing our turnover in other markets such as Portugal, Italy, Ukraine, Romania and others.”- M. Sologubas said.

 In 2019 SNAIGĖ AB has exported our products to more than 30 countries in Europe, Asia and Africa. We received the largest sales revenue from Germany, Ukraine, Lithuania, the Czech Republic and Norway.

According to Mindaugas Sologubas, in 2020 the company will continue to develop and improve its household refrigeration appliances, and as every year, it will introduce its new products. “However, one of the most important strategic goals for me as the new general manager, and the whole team of SNAIGĖ AB, for the coming year is to diversify the product portfolio.”- M. Sologubas said. – “We will start serial production of industrial refrigeration equipment, which is currently under design and testing stage.”   

The emergence of this new product category will help to avoid seasonality, ensure more even and efficient production, strengthen the company's competitiveness and increase its revenue in the future.

Mindaugas Sologubas

General manager SNAIGĖ AB

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