Consolidated Interim Report for Year 2022

According to unaudited consolidated data, in 2022 the company reached 21 million. EUR turnover, i.e. one and a half times less than in 2021.

According to Mindaugas Sologubas, general director of AB "Snaige", the decreased turnover of the company is also a consequence of war and the cost raise of resources, transport and energy.

"In the first half of last year, the war not only closed Ukraine, one of our largest markets, but also significantly frightened many our customers in Central and Western Europe." – says M. Sologubas.- "The uncertainty of the situation has prompted many of them to postpone their orders, to put their development plans on hold. In almost all of our markets, sales slowed down or even stopped in the first half of the year. Increase of energy prices in the second half of the year also affected significantly to the drop in sales."

In order to ensure business continuity, the company prepared restructuring plan for the company's activities and began the restructuring process, which became effective in September. According to the Court, the prospects of the company's activities provided for in the draft restructuring plan lead to the conclusion that the company has real opportunities to restore solvency, which is why it was allowed to restructure.

According to Mindaugas Sologubas, general director of AB "Snaige ", currently the company is continuing to operate, producing refrigerators, developing its new category of industrial refrigeration products and has no intention of stopping. "We are trying to get out of this unfavourable for the company situation on our own," says M. Sologubas. "The biggest internal obstacle to our activity is the lack of working capital. We have many more orders than we can and actually produce. We cannot borrow yet, we pay for raw materials in advance, which also negatively affects the company's result".

The company suffered of 2.7 million. EUR unaudited consolidated EBITDA loss. Mr Sologubas points out that almost half of this loss was due to the re-calculation of reserves, provisions and accumulations. This recalculation had to be done by the company following IFRS, due to the restructuring process and the assessment of the consequences of the war in Ukraine. Therefore, according to M.Sologubas, the real results of the company's everyday activities are better.

 In 2022, AB "Snaige" exported 93% of its production.

Sekenora Holdings Limited, a Cypriot investment company, is the main shareholder of SNAIGE. The Snaige group of companies includes two subsidiaries TOB SNAIGE UKRAINA and UAB ALMECHA.

AB "Snaige" is one of the largest employers of Alytus city and district, employing over 360 employees. The company supplies orders and works to many Lithuanian companies, annually pays the State of Lithuania about EUR 3 million. Eur in taxes.

General Manager

Mindaugas Sologubas

Phone No. 8 652 11997

Attachments

• AB_Snaige_Confirmation of responsible persons
• AB_Snaige_Consolidates interim financial statements for the twelve months period ended 31 december 2022_EN