Major Events 2014
28-11-2014
AB Snaigė remains profitable despite of recent events in Ukraine
Snaigė AB achieved an unaudited consolidated EBITDA of 6.2MM litas within nine months of the year 2014. The turnover of the company exceeded 115MM litas (according to unaudited consolidated financial results) and was 18% lower compared to the previous year.
According to Gediminas Čeika, Director General of AB Snaigė, the reduction was driven by decreased sales in the Ukrainian market. "Ukraine was one of the largest and most profitable markets for us," said Mr Čeika. "However, we largely managed to compensate for the loss sales in Ukraine in our other markets. Now the Ukrainian part of our sales is significantly reduced and no longer affects the steady development of the company. "
Snaigė AB efforts to maintain stable sales via increases in other markets were very effective with sales increasing by 48% in France, in Poland by 62%, and in Germany by 20% compared to the previous year.
The Company also achieved excellent results in Lithuania where sales increased by 44% compared to previous years. “I am pleased that refrigerators Snaigė are among leaders not only in the markets of France, Germany, Portugal, and other European countries, but also in Lithuanian market", says Mr. Čeika. "Today Snaigė is the second best-selling brand of refrigerators in Lithuania, and some of our products are real bestsellers, remaining at the top of the most-sold list of refrigerators for months."
During the first nine months, the Company introduced its newest products: the A+++ energy class refrigerator that is the most economical class of refrigerator consuming very little electricity, a new freezer with the higher capacity and the higher energy efficiency class refrigerator with No Frost cooling system.  
Despite the decline in sales in the strategic market, Snaigė AB remained profitable, and within nine months of this year consolidated unaudited profit amounted to 1.26MM litas.
 
29-08-2014
AB Snaige remains profitable in the 1st half despite of recent events in Ukraine
AB Snaigė, achieved an EBITDA of LTL 3.3 million as in the first half of 2014 despite turnover was LTL 74.4 million (according to unaudited consolidated financial results) caused by the dramatic events in Ukraine. This is a reduction in sales of 18% compared to the previous year.
According to Gediminas Čeika, Director-General of AB Snaigė, the result was driven by decreased sales in the Ukrainian market. "Ukraine is one of the largest and most profitable markets for us," said Mr Čeika. "We were only partially able to compensate for the loss sales in Ukraine in our other markets."
The company‘s efforts to maintain stable sales via increases in other markets were very effective with sales increasing by 3 times in Portugal, sales up by 71% in Central Asia, in Poland by 52%, and in Germany by 6% compared to the previous year. Mr Ceika was particularly pleased by growth in the Lithuanian market. "During the first half of the year AB Snaigė's sales grew by 74% compared with the previous year," stated Mr Čeika. "I am very glad that Lithuanians choose Lithuanian refrigerators more often"
In the first half of the year the Company also introduced its newest product, the A+++ energy class refrigerator that is the most economical class of refrigerator consuming very little electricity.  
Despite the decline in sales in the strategic market, Snaigė, AB remained profitable, and in the 1st half of this year consolidated unaudited profit amounted to LTL 24 thousand.
 
30-05-2014
AB Snaigė sales grew by 18 % in the first quarter with EBITDA’s increased of nine times
AB Snaigė’s turnover reached 33.6 million litas in the first quarter of this year, according to unaudited consolidated data; which is 18% higher than the turnover of the same period last year.
According to Mr Čeika, the Managing director of Snaigė, AB, the company managed to maintain sales growth despite a significant decline in exports to Ukraine. "Ukraine is very important for us because it is one of our major markets, and a decrease in sales in this country could be damaging so I am very happy that the we have been able not only to make up the loss suffered in the first quarter in Ukraine by developing sales in other markets but have also experienced steady growth," said Mr Čeika. "For many years, we have worked with more than 30 countries, and we are used to balancing the risky, profitable eastern markets and the stable but less profitable western markets. This strategy has worked very well so far, as can be perfectly demonstrated by the company's performance results for the first quarter".
As a result in Q1 the company sold substantially more of its products to France (136% more), Germany (40% more), and the Central Asian countries (51%), compared with the same period last year. A large part of Snaigė, AB’s sales portfolio (13%) was devoted to Poland, where the company sells its products to Amica, a large manufacturer of home appliances. Significantly the company's sales also grew in Lithuania, by almost four times compared with the year before. Although it is a small market, the growth is very rewarding showing that the local manufacturer’s products, which are sold worldwide, are also appreciated in its home country.
The unconsolidated unaudited EBITDA during the 1st quarter 1 million litas, which is nine times more than during the same period last year.
 
18-04-2014
Resolutions of the General Meeting of Shareholders
The General Meeting of shareholders of Snaige AB was held on 18 April 2014.
 At the meeting was made following resolutions:
1.     THE AGENDA QUESTION: Consolidated annual report of “Snaigė” AB on the company’s activity for 2013.
In the meeting was taken for information the consolidated annual report of “Snaigė” AB on the company’s activity for 2013.
2.    THE AGENDA QUESTION: Auditor’s conclusion on the company’s financial statements for 2013.
In the meeting was taken for information with the auditor’s conclusion on the company’s financial statements for 2013.
3.    THE AGENDA QUESTION:  Approval of the set of financial statements of the company for 2013.
THE DECISION: The set of financial statements of the company for 2013 has been approved.
4.    THE AGENDA QUESTION:  Approval of distribution of profit (loss) of “Snaigė” AB for 2013.

THE DECISION: The distribution of profit (loss) of “Snaigė” AB for 2013 has been approved:
  Non-distributed profit (loss) at the end of the last financial year - 1,397,544
  Net result - profit (loss) of financial year - 22,872,048
  Distributable result- profit (loss) of financial year - 21,474,504
  Transfers from reserves - 5,009,000
- for social and cultural needs - 30,000
- for investments - 4,979,000
  Transfers from reserve foreseen by law - 0
  Transfers from reserve of share premium for covering of loss - 5,698,656
  Contributions of shareholders to cover loss - 0
  Distributable profit (loss) -10,766,848
  Distribution of profit (loss) - 0
  Portion of profit allocated to reserves foreseen by law- 0
  Portion of profit allocated  to other reserves - 0
  for support and charity - 0
  for social and cultural needs - 0
  Portion of profit allocated for payment of dividends - 0
  Portion of profit allocated for payment of premiums - 0
  Portion of profit allocated for payment of tantiemes - 0
  Other: 0
  portion of profit allocated to reserve for acquisition of own shares - 0
  portion of profit allocated to reserve for investments - 0
  Non-distributed result - profit (loss) at the end of financial year  -10,766,848
5. THE AGENDA QUESTION:  Election of the audit firm for auditing purposes of financial statements and establishment of terms regarding the payment for audit services.
THE DECISION: UAB “KPMG Baltics” has been elected for 2014 auditing purposes of annual financial statements.
The General Director of the company was authorized (with the right to delegate) to sign the agreement with the audit firm by establishing the terms of payment for the audit services and other terms.
Attached:
Audited consolidated and Company’s financial statements together with independent auditor‘s report. Download.
Voting results. Download.
 
27-03-2014
Convocation of the ordinary General Meeting of Shareholders
On 18 April 2014 the ordinary General Meeting of Shareholders of Snaigė AB, the address of head office Pramonės str. 6, Alytus, the company code 249664610 (hereinafter, the “Company”) is convened the ordinary General Meeting of Shareholders (hereinafter, the “Meeting”).
The place of the meeting –at AB “Snaige” office, at the address Kareiviu str. 6, Vilnius, Lithuania.
The Meeting commences – at 10 a.m. (registration starts at 9.45 a.m.).
The Meeting’s accounting day – 11 April 2014 (the persons who are shareholders of the Company at the end of accounting day of the General Meeting of Shareholders or authorized persons by them, or the persons with whom shareholders concluded the agreements on the disposal of voting right, shall have the right to attend and vote at the General Meeting of Shareholders).
The Board of directors of the Company initiates and convenes the meeting.
Agenda and decisions drafts of the Meeting:
1.      Annual report of “Snaigė” AB on the company’s activity for 2013.
The decision:
Taken for information the consolidated annual report of “Snaigė” AB on the company’s activity for 2013.
2.      Auditor’s conclusion on the company’s financial statements for 2013.
The decision:
Taken for information with the auditor’s conclusion on the company’s financial statements for 2013.
3.      Approval of the set of financial statements of the company for 2013.
The decision:
To approve the set of financial statements of the company for 2013.
4.      Approval of distribution of profit (loss) of “Snaigė” AB for 2013.
The decision:
To approve the distribution of profit (loss) of “Snaigė” AB for 2013 according to the draft of profit allocation presented for the General Meeting of Shareholders.
5.      Election of the audit firm for auditing purposes of financial statements and establishment of terms regarding the payment for audit services.
The decision:
For 2014 auditing purposes of financial statements to elect the audit firm which will collect majority of votes under the proposal of company organs and/or persons, who under the Law on Companies of the Republic of Lithuania are granted with a right to propose projects of shareholders meeting decisions. To sign the agreement with this firm. UAB “KPMG Baltics”is offering to elect as audit firm.
To authorize (with the right to delegate) the General Director of the company to sign the agreement with the audit firm by establishing the terms of payment for the audit services and other terms.
The Company shall not provide the possibility to participate and vote in the Meeting through electronic communication channels.
 Draft resolutions on agenda issues, documents be submitted to the General Meeting of Shareholders and other information related with the exercising of the shareholders’ rights are available on the website of the Company www.snaige.lt on menu item “For investors”. This information will be also available for the shareholders at the head office of the Company (Pramonės street 6, Alytus) on business days from 9:00 am. till 16:00 pm. (on Fridays till 14:00), tel. +370 315 56206, +370 5 2361970.
 Shareholders holding shares that grant at least 1/20 of all votes shall have the right of proposing to supplement the agenda of the Meeting by providing the Meeting draft resolution on each additionally proposed issue or in case no resolution is required - the explanation. The proposals to supplement the agenda shall be submitted in writing or by e-mail. The proposals shall be presented in writing to the Company on business days or by sending it by registered mail at the address Snaigė AB, Pramonės street 6, LT-62175 Alytus, Lithuania. The proposals submitted via the e-mail shall be sent on vilniaus.biuras@snaige.lt. The proposals to supplement the agenda with the additional issues shall be submitted till the 3 April 2014, 4:00 p.m. In case the agenda of the Meeting is supplemented the Company will report on it no later than 10 days before the Meeting in the same ways as on convening of the Meeting.
Shareholders holding shares that grant at least 1/20 of all votes shall have the right of proposing new draft resolutions on the issues already included or to be included in the agenda of the Meeting, audit firms for auditing purposes of financial statements. The proposals shall be submitted in writing or by e-mail. The proposals shall be presented in writing to the Company on business days till 17 April 2014, 2 p.m. or by sending it by registered mail at the address Snaigė AB, Pramonės street 6, LT-62175 Alytus, Lithuania. During the Meeting the proposals shall be submitted to the Chairman of the Meeting after he announces the Meeting agenda and no later than the Meeting starts working on the issues of agenda. The proposals submitted via the electronic mail shall be sent on vilniaus.biuras@snaige.lt. The proposals submitted on this e-mail till 17 April 2014, 2:00 p.m. will be discussed during the Meeting.
The shareholders shall have the right to present questions related to the General Meeting of Shareholders' agenda issues to the Company in advance in writing. The shareholders shall present the questions not later than 3 business days before the Meeting via the electronic mail on vilniaus.biuras@snaige.lt. The Company undertakes to respond to the submitted questions via the electronic mail till the Meeting day, except the questions related to the Company’s commercial secret and confidential information.
During the registration to attend the Meeting the shareholders or the persons authorized by them shall submit a document which is a proof of his identity. The shareholders' authorized persons shall submit the power of attorney confirmed by the established order. The power of attorney issued by the natural person shall be notarized. A power of attorney issued in a foreign state must be translated into Lithuanian and legalized in the manner prescribed by law. Representative can be authorized by more than one shareholder and shall have a right to vote differently under the orders of each shareholder. The shareholder holding shares of the Bank, where the shares have been acquired on his own behalf, but for the benefit of other persons, must disclose before voting at the General Meeting of Shareholders to the Company the identity of the final customer, the number of shares that are put to the vote and the content of the voting instructions submitted to him or any other explanation regarding the participation agreed upon with the customer and voting at the General Meeting of Shareholders.
Shareholder shall also have the right to authorize through electronic communication channels another person (natural or legal) to participate and vote in the Meeting on shareholder's behalf. Such authorization shall not be confirmed by the notary officer. The power of attorney issued through electronic communication channels must be confirmed by the shareholder with a safe electronic signature developed by safe signature equipment and approved by a qualified certificate effective in the Republic of Lithuania. The shareholder shall inform the Company on the power of attorney issued through electronic communication channels by e-mail vilniaus.biuras@snaige.lt no later than the last business day before the meeting at 2:00 p.m. The power of attorney and notification shall be issued in writing. The power of attorney and notification to the Company shall be signed with the Electronic Signature but not the letters sent via the e-mail. By submitting the notification to the Company the shareholder shall include the Internet address from which it would be possible to download free of charge software to verify an Electronic Signature of the shareholder.
Each shareholder or representative thereof shall have the right to cast his/her vote in advance in writing by filling in a general ballot paper. The general ballot paper form is on the Company's website www.snaige.lt on menu item “For Investors”. Upon the written shareholder‘s request, the Company no later than 10 days before the Meeting shall send a general ballot paper by registered mail or hand it in person against signature. The general ballot paper filled shall be signed by the shareholder or his/her representative. In case the ballot paper is signed by the shareholder's authorized representative, such person along with the filled ballot paper shall submit the document to confirm the voting right. The ballot paper filled and the document confirming the voting right (if required) shall be submitted in a written form to the Company by registered mail at the address Snaigė AB, Pramonės street 6, LT-62175, Alytus, Lithuania, or by submitting it to the Company. Validated will be dully filled-in ballot papers, received until the meeting.
The following information and documents are available on the website of the Company www.snaige.lt on menu item “For Investors”:
- report on the convening of the Meeting;
- the total number of the Company’s shares and the number of shares with voting rights on the convening day of the Meeting; Download
- other documents to be submitted to the Meeting;
- general ballot paper form. Download
 AB "Snaige" information for the ordinary general shareholders meeting of the Company which will be held on 18 April 2014.:
 Additional information on the stock event is provided by telephone: +370 5 2361970.
 
28-02-2014
Snaigė 2013 Strong Results are Adjusted by Sales of Russian Subsidiary's Real Estate
According to unaudited consolidated data, Snaigė, AB has achieved a turnover of 176 m LTL in 2013 (i.e. 18% more than over the same period of year 2012 ). Unaudited consolidated loss before tax of the company in 2013 has reached (8,6m) LTL. However, unaudited consolidated EBITDA for core activities reached 14m LTL which was 22% ahead of the year 2012.
This negative result is caused by losses related to sales of real estate belonging to the company’s subsidiary, “Techprominvest”.  According to Snaigė, AB CEO Gediminas Čeika, These are losses unrelated to the core activities of the company. “Unaudited consolidated profits exceeded 5,5m LTL which is 5 times more than the same period of the previous year.”- says G.  Čeika. “- We are satisfied, that this loss was the last one associated with “Techprominvest”.  Having not operated the plant for several years meant unnecessary expenses for its maintenance and that now the company will use its resources in more effective way.”
Substantial 18% turnover growth was achieved due to the company’s successful exports. The most remarkable growth the company achieved in Poland (+12 times), Central Asia (+156 %), France (+104 %), Baltic countries (+99%), Bulgaria (+29%) vs. the same period of year 2012.
2013 Snaigė, AB exported its products to 33 European and Asian countries. The main markets for the company remained the same: Ukraine, Central Asia France and Germany. According to Gediminas Čeika, CEO of Snaigė AB those countries reflect the structure of the entire sales portfolio of the Snaigė Company, i.e., balancing between risky and profitable East, and less profitable, but stable West. Such portfolio diversification allowed the company to compensate sales if some difficulties occur in certain markets.
In Lithuania this year was particularly good for the company. Successful marketing and sales strategies have improved the company’s turnover by 78%. Snaigė refrigerators are among the best selling refrigerators in the country.
According to CEO of the company Gediminas Čeika, one of the most important reasons for growth of sales is constant and diligent improvement of technologies and creation of new products. “In 2013 Snaigė, AB was recognized as the Innovative Enterprise of Lithuania and awarded the Prize for Innovation,” – says G. Čeika. “This award is given to companies which have introduced new products, significantly improved the existing ones, or significantly improved their technological processes within the span of 3 years. Snaigė, AB has met all of the criteria: in the last three years the company has created and brought to the market 8 completely new products and 14 modifications of existing products.”
In 2013 alone the company has introduced consumers to a refrigerator and freezer combination with glass surface doors, RF34NF refrigerator with frost free cooling system, highly energy efficient refrigerator of the A+++ class as well as new 163 cm high freezer.
According to Gediminas Čeika, Snaigė, AB faces a difficult year in 2014. Because of the events in Ukraine sales in this country, one of the most important markets for the company, are expected to decline. “We are not dramatizing the situation for now and hope to be able to balance our sales portfolio by increasing product sales in other countries,” – says G. Čeika.
 
27-01-2014
Resolutions of the repeat Extraordinary General Meeting of Shareholders
The following resolutions were made during the repeat Extraordinary General Meeting of Shareholders held on 27 January 2014:
THE AGENDA QUESTION:
Providing AB “Snaige” loan to shareholder UAB „Vaidana“ (identification code 302473720);
THE DECISION:
After receiving credit from ZAO „UniCredit Bank“ bank (119034, Prečistenskaja naberežnaja 9, Moscow, Russia) AB “Snaige” provides loan up to 12 000 000 euro (twelve million euro) to shareholder UAB „Vaidana“ (identification code 302473720).
Interest – 1 month EURIBOR + 5,25 % annual.
Interest – interest will be calculated every month and will be paid at the loan repayment day.
The Loan operation term - 60 month from the date of signing the Loan agreement.
To authorise the managing director Gediminas Čeika (with the right to reauthorize) to administer all matters regarding signing of the loan agreement, to sign loan agreement and to sign other documents with UAB „Vaidana“ related to provision of loan, indicated above.
Attached:
The voting results. Download
 
10-01-2014
The Extraordinary General Meeting of Shareholders did not take place
The Extraordinary General Meeting of Shareholders of Snaigė AB did not take place on 10 of January 2014 because the quorum was not present.
 Additional information on the material event is providing by tel.: +370 5 2361970.
 
10-01-2014
Convocation of the repeated extraordinary General Meeting of Shareholders
On 27 January 2014 the extraordinary General Meeting of Shareholders of Snaigė AB, the address of head office Pramonės str. 6, Alytus, the company code 249664610 (hereinafter, the “Company”) is convened the repeated extraordinary General Meeting of Shareholders (hereinafter, the “Meeting”).
 The place of the meeting –at AB “Snaige” office, at the address Kareivių str. 6, Vilnius, Lithuania.
 The Meeting commences – at 10 a.m. (registration starts at 9.45 a.m.).
 The Meeting’s accounting day – 20 January 2014 (the persons who are shareholders of the Company at the end of accounting day of the General Meeting of Shareholders or authorized persons by them, or the persons with whom shareholders concluded the agreements on the disposal of voting right, shall have the right to attend and vote at the General Meeting of Shareholders).
 The Board of the Company initiates and convenes the meeting.
 Agenda of the Meeting:
1. Providing AB “Snaige” loan to shareholder UAB „Vaidana“ (identification code 302473720);
 The Company shall not provide the possibility to participate and vote in the Meeting through electronic communication channels.
 Draft resolutions on agenda issues, documents be submitted to the General Meeting of Shareholders and other information related with the exercising of the shareholders’ rights are available on the website of the Company www.snaige.lt on menu item “For investors”. This information will be also available for the shareholders at the head office of the Company (Pramonės str. 6, Alytus) on business days from 9:00 am. till 16:00 pm. (on Fridays till 14:00), tel. (8-5) 2361970.
The general meeting is repeated and for this reason agenda is not changing.
 Shareholders holding shares that grant at least 1/20 of all votes shall have the right of proposing new draft resolutions on the issues already included or to be included in the agenda of the Meeting. The proposals shall be submitted in writing or by e-mail. The proposals shall be presented in writing to the Company on business days till 24 January 2014, 2 p.m. or by sending it by registered mail at the address Snaigė AB, Kareivių str. 6, Vilnius, Lithuania. During the Meeting the proposals shall be submitted to the Chairman of the Meeting after he announces the Meeting agenda and no later than the Meeting starts working on the issues of agenda. The proposals submitted via the electronic mail shall be sent on vilniaus.biuras@snaige.lt. The proposals submitted on this e-mail till 24 January 2014, 2:00 p.m. will be discussed during the Meeting.
 The shareholders shall have the right to present questions related to the General Meeting of Shareholders' agenda issues to the Company in advance in writing. The shareholders shall present the questions not later than 3 business days before the Meeting via the electronic mail on vilniaus.biuras@snaige.lt. The Company undertakes to respond to the submitted questions via the electronic mail till the Meeting day, except the questions related to the Company’s commercial secret and confidential information.
 During the registration to attend the Meeting the shareholders or the persons authorized by them shall submit a document which is a proof of his identity. The shareholders' authorized persons shall submit the power of attorney confirmed by the established order. The power of attorney issued by the natural person shall be notarized. A power of attorney issued in a foreign state must be translated into Lithuanian and legalized in the manner prescribed by law. Representative can be authorized by more than one shareholder and shall have a right to vote differently under the orders of each shareholder. The shareholder holding shares of the Bank, where the shares have been acquired on his own behalf, but for the benefit of other persons, must disclose before voting at the General Meeting of Shareholders to the Company the identity of the final customer, the number of shares that are put to the vote and the content of the voting instructions submitted to him or any other explanation regarding the participation agreed upon with the customer and voting at the General Meeting of Shareholders.
 Shareholder shall also have the right to authorize through electronic communication channels another person (natural or legal) to participate and vote in the Meeting on shareholder's behalf. Such authorization shall not be confirmed by the notary officer. The power of attorney issued through electronic communication channels must be confirmed by the shareholder with a safe electronic signature developed by safe signature equipment and approved by a qualified certificate effective in the Republic of Lithuania. The shareholder shall inform the Company on the power of attorney issued through electronic communication channels by e-mail vilniaus.biuras@snaige.lt no later than the last business day before the meeting at 2:00 p.m. The power of attorney and notification shall be issued in writing. The power of attorney and notification to the Company shall be signed with the Electronic Signature but not the letters sent via the e-mail. By submitting the notification to the Company the shareholder shall include the Internet address from which it would be possible to download free of charge software to verify an Electronic Signature of the shareholder.
 Each shareholder or representative thereof shall have the right to cast his/her vote in advance in writing by filling in a general ballot paper. The general ballot paper form is on the Company's website www.snaige.lt on menu item “For Investors”. Upon the written shareholder‘s request, the Company no later than 10 days before the Meeting shall send a general ballot paper by registered mail or hand it in person against signature. The general ballot paper filled shall be signed by the shareholder or his/her representative. In case the ballot paper is signed by the shareholder's authorized representative, such person along with the filled ballot paper shall submit the document to confirm the voting right. The ballot paper filled and the document confirming the voting right (if required) shall be submitted in a written form to the Company by registered mail at the address Snaigė AB, Kareivių str. 6, Vilnius, Lithuania, or by submitting it to the Company. Validated will be dully filled-in ballot papers, received until the meeting.
 The following information and documents are available on the website of the Company www.snaige.lt on menu item “For Investors / Major Events / Major Events 2014”:
- report on the convening of the Meeting;
- the total number of the Company’s shares and the number of shares with voting rights on the convening day of the Meeting Download
- draft resolutions on each agenda issue and other documents to be submitted to the Meeting;
- general ballot paper form Download
 Additional information on the material event is providing by phone: +370 5 2361970.
 Draft resolutions of the General Meeting of Shareholders are attached (in the general ballot paper form).