Baltic States – CIS, Lithuania, Markets and Companies

According to the company's CEO Gediminas Ceika, to have subsidiaries that are engaged in sales and marketing activities in Russia has become inappropriate after the company started cooperation with POLAIR group of companies.

POLAIR is the largest and most well known producer and seller of refrigeration equipment in Russia, with its commercial channels and contacts, which Snaige are starting to use. "Results of this cooperation have exceeded all expectations – in first quarter of this year sales to Russia increased by three times. As a result, there is no need to duplicate work and to waste money with subsidiaries in Russia", said Ceika.

Now the company's group structure consists of Ukrainian Snaige Ukaine, Lithuanian Almecha and Russia Techprominvest – the only subsidiary company in the country which is the closed factory in Kaliningrad, which the company also has the intention to sell. The final subsidiary in Russia Moroz Trade is now removed from the Russian Register of Legal Entities.

Turnover at Snaige reached an all time high of LTL 34.4 million (EUR 9.9 million) in the first quarter (unaudited consolidated data), which is an increase of 57% versus last year. At the first quarter the company earned LTL 1.3 million (EUR 376,500) consolidated unaudited EBITDA i.e. 4 times more than at the same period last year.