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 />
On the agenda:<br />
1. Issuing convertible debentures and increasing the authorized capital.<br />
2. Deputation of authority.<br />
Shareholders who at the end of the accounting day of the General Meeting of Shareholders, i.e. February 16,<br />
2009, will be on the shareholders list of the Company have a right to participate and vote at the General<br />
Meeting personally, by proxy, or represented by a person with whom an agreement on the transfer of voting<br />
rights is concluded.<br />
The shareholders attending the meeting must provide personal identification document. The authorized<br />
representatives of the shareholders must additionally posses a proxy approved by the procedure prescribed by<br />
law.<br />
21 January 2009. <strong>AB</strong> „Snaigė“ is reducing operational costs<br />
21st of January, 2009. The only domestic refrigerators manufacturer in the <strong>Baltic</strong> states <strong>AB</strong> „Snaigė“<br />
continues to implement radical means in order to increase efficiency of the company operations and reduce<br />
manufacturing costs.<br />
According to general director Mr. Čeika, operation expenses will be decreased not only by saving and more<br />
strict control of company‘s spending, but also by decreasing number of employees. In the first quarter of this<br />
year the number of employees in the Alytus factory will be decreased by approx 300. These changes are<br />
determined not only by declining consumption of products but also by the drastic devaluation of local<br />
currencies in the company's strategic markets.<br />
“The devaluation of local currencies in Russia and especially in Ukraine has struck not only us but all the<br />
exporters of large domestic appliances”, - comments G. Čeika. “Sales in these very important for us markets<br />
have stopped and there is no evidence that these markets will revive in this quarter. As a result, we had to<br />
reduce manufacturing plans and decrease number of employees.<br />
Mr. Čeika has stressed that <strong>AB</strong> „Snaigė“ will create all possible opportunities to alleviate social consequences<br />
of the workforce cut. According to him, the special work group is formed in the company responsible for the<br />
issue. „We will invite representatives of Lithuanian labour exchange and training centres which will consult<br />
our employees“, - said Mr. Čeika.<br />
G. Čeika does not reject a possibility that the company will try to re-hire part of fired employees when<br />
situation becomes better.<br />
14 January 2009. Concerning annual results<br />
Snaige <strong>AB</strong> had not published any annual results. The information recently presented in media does not<br />
coincide with the facts.<br />
2.12.2 Important events in Company’s business<br />
December 31, 2008, Notifications on transactions concluded by managers of the companies 31.12.2008<br />
Notification on transactions concluded by managers of the companies<br />
Announcement about the executive officer's transaction of the Company’s securities.<br />
December 19, 2008, Notifications on transactions concluded by managers of the companies 19.12.2008<br />
Notification on transactions concluded by managers of the companies<br />
Announcement about the executive officer's transaction of the Company’s securities.<br />
November 28, 2008, Snaige <strong>AB</strong> financial statement of the first nine months Y'2008<br />
Prepared by U<strong>AB</strong> FMĮ „Orion Securities“ p. 74
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