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2009-08-28 15:39:15 CEST 2009-08-28 15:40:17 CEST REGULATED INFORMATION Snaige AB - Interim informationOverview of Company‘s business activities during the reporting periodAccording to the non audited consolidated financial information the AB “Snaigė“ has achieved a consolidated turnover of 64,3 million LTL during the first half of 2009. Major part of turnover, namely 53,8 million LTL, the company achieved in Alytus plant. The work in in Kaliningrad plant was suspended since March due to ruble devaluation and economic recession in Russia. According to AB „Snaigė“ managing director Gediminas Čeika the company was able to stabilize its activities. “During the second quarter of this year the company experienced only 3,5 million LTL. consolidated non audited loss, which is 4 times lower than it was the first quarter” said G. Čeika. „Second quarters consolidated non audited EBITDA was 144 thous. LTL. This is a good result compared with first quarters (-9,2 million LTT) and it shows that company is moving towards the right direction. First quaters optimization of management processes in the company and a significant decrease in sales in the key markets of Russia and Ukraine, had major consequences on AB „Snaigė“ first half results of 2009. During the first half of 2009 AB „Snaigė“ had 17,6 million LTL non audited consolidated loss before taxes. The loss due to the ruble devaluation amounted to over 6 million LTL, and severance pay for sidmissed employees amounted to around 5 million LTL. Currently, Alytaus plant is running on 100% capacity., works five days a week. The company has more orders then it can produce, but cannot increase production due to the lack of working capital. The company received INVEGA guarantee for 5 million. LTL. and is negotiating with banks to recieve a loan for its working capital. The consolidated non-audited interim financial reports for 6 months of 2009 and the confirmation of accountable persons (attached). Managing Director Gediminas Čeika +370 315 56206 www.snaige.lt |
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