AB „SNAIGĖ“ - NASDAQ OMX Baltic

Consolidated annual report for year 2008
September 12, 2008, On September 11, 2008 the Charter of Snaige AB with the increased authorized capital
was registered in the Entities Register. The authorized capital of the company after the increase has reached
LTL 27 827 365. The nominal value of a share is 1 LTL.
September 5, 2008, The consolidated sales revenues of “Snaigė” AB in 2008 are estimated to be LTL 359
million (EUR 104 million). Company expects to incur the net loss of LTL 15 million (EUR 4.3 million).
According to the CEO of “Snaigė” AB Gediminas Ceika, the main reason for the Company being unable to
achieve earlier sales forecasts is the decrease in demand in several strategic markets, caused by the global
economic slowdown. “During the first half of the year, we and our clients felt the change in consumer
behaviour: in the time of rising inflation and economic instability consumers often postpone the purchase of
large appliances to better times. Situation has not improved even in summer, the high selling season of
refrigerators” - G. Ceika said.
Company estimates a loss not only due to decline in sales but also due to increase in raw material costs and
expensive loans used to finance working capital. Company also experienced losses due to fluctuating dollar
exchange rates. This loss was generated from Kaliningrad factory in Russia controlled by “Snaigė“ AB,
where there are no financial instruments to insure against the losses from currency fluctuations.
September 3, 2008, A corrected annual report for year of 2007 is provided by the Company. The corrected
version of the report includes additional information about Company‘s governing and administration bodies
and its‘members, corrected information about the convertible bonds issued by the Company, and additional
information about the goals of group‘s financial risk management. Also provided corrected confirmation of
responsible persons.
August 29, 2008, Snaige AB financial accounts and interim report for the period of first half of 2008
AB „Snaigė“ publishes financial accounts and interim report for the period of first half of 2008.
August 29, 2008, Successfully distributed the new issue of common nominal shares of AB“Snaige“
UAB FMĮ „Orion securities“ on 27th of August,2008, has completed a new issue of 4 000 000 common
nominal shares of AB“Snaige“ The whole issue was distributed successfully through the public offering.
In accordance with the right of priority, shares of 2,5 litas were distributed only to AB „Snaige“ shareholders
during the period between August 8 and August 21; all other interested investors were able to purchase
securities during the period between August 22 and August 27. AB“Snaige“ raised 10 000 000 litas after
distribution of the whole issue of shares.
„Successfully distributed shares show that investors believe in positive future of AB „Snaige“,- told Karolis
Rukas, the manager of Corporate Finance division at UAB FMĮ „Orion securities“.
The objective of new issue of shares was to increase Company's authorized capital. The raised funds will be
used to purchase new metal cutting machines, for the development of new technologies and for the working
capital.
August 14, 2008, Snaigė“ AB , by unaudited consolidated data, reached revenue of LTL 169 million ( EUR
49 million) in the first half of 2008, that is 6% lower than last year, when unaudited consolidated revenue was
LTL 180.4 million (EUR 52.25 million).
According to Gediminas Čeika, the Managing Director of AB “Snaigė“, the decrease of first half of 2008
was influenced by economic slowdown in some of company’s strategic trade markets. „We and our clients
felt changing consumer behaviour through the entire first half of the year: due to growing inflation and
economic instability, consumer mainly refuses and postpones the purchase of large home appliance for better
times,“-says G. Čeika.
“Snaigė“ AB escaped sales slowdown in some Western European countries and Russia. Revenues grew 6% in
Russian market. Company had unaudited consolidated net loss of LTL 8.6 million (EUR 2.5 million) in the
first half of 2008. According to G. Čeika, the General Manager, the loss in the first half of the year was
influenced not only by declined sales but also by increased raw material costs and expensive loans for
Prepared by UAB FMĮ „Orion Securities“ p. 76