Baltic Export, Baltic States – CIS, Lithuania, Markets and Companies, Technology

However, unaudited consolidated EBITDA for core activities reached LTL 14 million which was 22% ahead of the year 2012, the company announced in a statement.

This negative result is caused by losses related to sales of real estate belonging to the company's subsidiary, Techprominvest. According to AB Snaige CEO Gediminas Ceika, these losses are unrelated to the core activities of the company. "Unaudited consolidated profits exceeded LTL 5.5 million which is 5 times more than the same period of the previous year. 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," says Ceika.

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.

In 2013, AB Snaigė 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 Ceika, CEO of AB Snaige those countries reflect the structure of the entire sales portfolio of the Snaige 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%. Snaige refrigerators are among the best selling refrigerators in the country.

According to CEO of the company Gediminas Ceika, one of the most important reasons for growth of sales is constant and diligent improvement of technologies and creation of new products. "In 2013, AB Snaige was recognized as the Innovative Enterprise of Lithuania and awarded the Prize for Innovation," – says Ceika. "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. AB Snaige 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 Ceika, AB Snaige 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 Ceika.