According to unaudited consolidated data the revenues of AB ”Snaige” have
reached 32.8 m.LTL in the first quarter of 2009. The revenues were two times
smaller than in the same period in 2008 (79.08 m.LTL).
According to the director general of AB ”Snaige” Gediminas Čeika, reached
revenues are the same as planned in the beginning of the year, taking into
account that only one of company's two factories was operating and that only
one shift was employed for 4 days a week. “The first quarter was challenging” -
says G. Čeika. -“Due to devaluation of local currencies in Russia and Ukraine
and due to 18% increase in import tax in Ukraine sales in these main markets of
AB “Snaige” have significantly decreased. Due to decreased sales we were forced
to reduce number of employees, restructure manufacturing and adapt to new
conditions.
During the first wuarter of 2009 the company has incurred consolidated
unaudited loss before tax of 14 m.LTL. Loss due to devaluation of Russian
rubble amounted about 6 m.LTL, and due to employees severance compensation -
about 3 m.LTL.
According to director general of AB “Snaige” the loss is almost 5 m.LTL smaller
than consolidated loss before taxes incurred during the last quarter of 2008.
“This is small, but still a step ahead” - says G. Čeika. - “After the beginning
of hot season we started to receive more orders, entered into 5 working days
per week manufacturing mode. However we are unable to increase manufacturing
significantly due to lack of working capital. If the company would be
successful in receiving government support or reaching more favorable
agreements with Lithuanian banks, we would be able to manufacture more
refrigerators and fulfill more orders.”
According to consolidated unaudited data, AB “Snaige” has reached EBITDA of
-9.2 m.LTL.
The consolidated non-audited interim financial reports for 3 months of 2009
and the confirmation of accountable persons (attached).
Managing Director
Gediminas Čeika
+370 315 56206
www.snaige.lt
