Financial consolidated unaudited accounts for the 1st quarter of 2008. AB “Snaigė” revenues increased by 7%

According to unaudited consolidated financial accounts AB „Snaige“ during the
first quarter of 2008 has reached revenues of 78 million LTL which was 5.4 m.
LTL larger than during the first quarter of 2007 (during the first quarter of
2007 group‘s revenues amounted up to 72.6 m. LTL). 

According to the director general of AB „Snaige“ Gediminas Čeika, the main
reason for growth during the  1st quarter of 2008 was increasing sales in
Russia. „Sales in Russia are successfully increasing since the last quarter of
2006, and during the first three months of 2008 we have sold 40% more
refrigerators in this market than during the same period last year“ - informed
G. Čeika. 

During the 1st quarter of 2008 the group has incurred 7.9 m. LTL unaudited
consolidated loss. According to the director general of AB “Snaige” G. Čeika,
the largest part of this loss was generated by group's Kaliningrad factory in
Russia, where there are no active financial instruments available which can be
used to insure against losses caused by exchange rate fluctuations, and due to
increasing prices of the main raw materials. 

Despite incurred loss the director general of the group sees positive changes
in the activities of the company: compared to the last quarter of 2007
consolidated loss has decreased by 3,6 m LTL, consolidated EBITDA loss has
decreased from -5.5 m LTL to -1.2 m LTL. 

„Despite the situation of the company is publicly valued skeptically, improving
results of the company allows us to expects that 2008 will be much better year
than 2007“ - says G. Čeika. 

Financial director at interim Vytautas Adomaitis