AB „SNAIGĖ“ - NASDAQ OMX Baltic
AB „SNAIGĖ“ - NASDAQ OMX Baltic
AB „SNAIGĖ“ - NASDAQ OMX Baltic
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Consolidated annual report for year 2008<br />
2.9.6 Company’s business overview for 2008<br />
During year 2008 <strong>AB</strong> “Snaigė” has sold over 523 thous. refrigerators. Sales revenues have reached 339 m.<br />
LTL which is 17 percent less than in year 2007. Smaller sales revenues were result of decrease in overall<br />
consumption in almost all Company’s sales markets and currency devaluation in Russia and Ukraine.<br />
According to the importance of sales markets and geographical segmentation the company divides it sales<br />
markets into following groups: <strong>Baltic</strong> States market (Lithuania, Latvia, and Estonia), Eastern market (Russia,<br />
Ukraine, Kazakhstan, Uzbekhistan, over countries of CIS), Western market (Germany, France, Belgium,<br />
Holland, Poland, Portugal, Czech Republic, other Western and Central Europe countries).<br />
During 2008 <strong>AB</strong> “Snaigė” has sold most of its production in Eastern markets – the sales share amounted to<br />
55%, total revenue of 195 m.LTL were received from the region. Devaluation of local currencies at the end of<br />
2008 resulted in dropping sales in Eastern market, thus, if compared with 2007, the comparative weight in<br />
total sales have decreased by 22%. 41% of Company’s production was exported to Western markets, sales<br />
revenues from the region have reached 118 m.LTL. The share of sales in Western Europe relatively to total<br />
sales have increased by 6%, as economic downturn has affected Western Europe countries less dramatically<br />
then in Eastern Europe. The remaining revenues part of 4% was from sales in <strong>Baltic</strong> States markets, were<br />
sales revenues have reached 14.1 m.LTL.<br />
The <strong>Baltic</strong>s<br />
In <strong>Baltic</strong> states during year 2008 <strong>AB</strong> “Snaigė“ has in total sold 24 thous. refrigerators and has received sales<br />
revenues of 14.1 m.LTL. Due to high inflation in the beginning of the year and growing economic instability<br />
the purchases of household appliances, including refrigerators, were decreasing.<br />
The sales of large household appliances have decreased significantly, when compared with year 2007. Sales<br />
of <strong>AB</strong> “Snaigė” in the region have halved.<br />
In Lithuania during year 2008 <strong>AB</strong> “Snaigė“ has sold almost 15 thous. refrigerators, sales revenues have<br />
reached more than 9.1 m.LTL. In Lithuania the company had market share of 12%.<br />
In Latvia during year 2008 over 5 thous. Refrigerators were sold, sales revenues have reached almost<br />
3 m.LTL.<br />
In Estonia during year 2008 <strong>AB</strong> “Snaigė“ has sold almost 4 thous. refrigerators, sales revenues reached<br />
2 m.LTL.<br />
Prepared by U<strong>AB</strong> FMĮ „Orion Securities“ p. 24