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SNG: Overview of Company‘s business activities during the reporting period

Spekuliantai.lt | 2009-08-28 | NASDAQ OMX biržų naujienos | perskaitė: 1494
Raktiniai žodžiai: Snaige AB, SNG
SNG: Overview of Company‘s business activities during the reporting period

Snaige AB Interim information 28.08.2009

Overview of Company‘s business activities during the reporting period

According 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



1. sng_semi_annual_2009.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=274285)
2. sng_confirmation.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=274284)

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