Interim financial reports for 12 month of year 2008 and preliminary results for year 2008 of AB „Snaigė“

1. Preliminary consolidated non-audited results for 2008

Sales and other revenues:   341.69 m. LTL   (98.96 m. EUR).
Loss before tax:           -25.98 m. LTL    (-7.52 m.EUR), 
Net loss:                  -22.99 m. LTL    (-6.66 m.EUR), 
EBITDA:                      2.94 m. LTL    (0.85 m.EUR). 

Despite AB „Snaigė“ in previous years had put lots of effort into optimization
of company‘s management and manufacturing processes, minimization of costs and
structuring of sales markets, it was not enough to counter the consequences of
global economic recession in the main sales markets of the company. 
After stopping of the sales in Ukraine and partially in Russia the company has
lost up to 35 m.LTL of planned revenues. 
Only due to devaluation of Russian rubble, which began at the end of 2008, the
company has lost 8.4 m.LTL. As a result the year was ended with 22.986 m.LTL
non-audited consolidated loss before taxes, instead of projected loss of 15
m.LTL. 
In 2009 in response to decreasing consumption, AB „Snaigė“ continues
optimization of manufacturing scope, minimization of costs, rejects small and
less profitable clients and concentrates on serving the most perspective and
profitable ones. 
After implementation of these means the company plans to undergo the difficult
period and does not eliminate the possibility, that at the peak refrigerator
buying season the product demand and sales will increase. 

2. The consolidated non-audited interim financial reports for 12 months of 
2008 and the confirmation of accountable persons are provided to the public
(attached). 

Director General at interim,
Neringa Menčiūnienė
+370 315 56206