Major Events 2008
 
 
December 31, 2008, Notifications on transactions concluded by managers of the companies 31.12.2008
Notification on transactions concluded by managers of the companies Announcement about the executive officer's transaction of the Company’s securities.
 
December 19, 2008, Notifications on transactions concluded by managers of the companies 19.12.2008
Notification on transactions concluded by managers of the companies Announcement about the executive officer's transaction of the Company’s securities.
 
November 28, 2008, Snaige AB financial statement of the first nine months Y'2008
 
October 31, 2008, Notifications on transactions concluded by managers of the companies 31.10.2008
Notification on transactions concluded by managers of the Company
 
October 27, 2008, AB Snaige the third quarter earned LTL 3.3 million 2008 23 October, Alytus. The only household refrigerators manufacturer in the Baltic countries AB Snaige according to unaudited consolidated data in 2008 third quarter, earned LTL 3.3 million profit before tax. This result is almost three times higher than in the same period during previous year, when the company earned LTL 968 thousand as unaudited consolidated profit. The company's unaudited consolidated EBITDA in third quarter amounted to LTL 9 million and was 29 percent higher than the same period of 2007, when the unaudited consolidated EBITDA amounted to LTL 7 million.
According to AB Snaige General Director Gediminas Ceika, 2008 third quarter profit is the result of measures implemented, optimizing of management and production, reducing costs and shaping the outlets. "It is a big achievement to receive a positive, albeit an interim result in economic downturn conditions. This encourages further work in the desired direction, "- says Gediminas Ceika.
After restructuring of production, reducing the number of employees and securing bank financing, the company is preparing to begin the next year with much greater performance.
During the nine months of this year, AB Snaige reached LTL 279 million unaudited consolidated turnover. Third quarter, the unaudited consolidated loss of AB Snaige decreased to LTL 5.3 million and increased the company's unaudited consolidated EBITDA to LTL 13.4 million.
 
October 20, 2008, Notifications on transactions concluded by managers of the companies 20.10.2008
Notification on transactions concluded by managers of the companies. Announcement about the executive officer's transaction of the Company’s securities.
 
October 6, 2008, AB „Snaigė“ will reorganize manufacturing and will reduce operational costs
The only domestic refrigerators manufacturer in the Baltic states AB „Snaigė“ will implement radical means in order to increase efficiency of management of the company and reduce manufacturing costs. According to the director general of AB „Snaigė“ Gediminas Čeika, these changes are determined by the decreasing consumption of products in company‘s strategic markets.
„In the situation there the prices of raw materials, financial and energy resources are constantly rising and consumption is falling, we have to admit that profitability of company‘s operations can be achieved by radically decreasing operational costs and optimizing manufacturing processes. We will produce less, but more efficiently and more profitably“ - said Mr. Čeika.
According to Mr. Čeika, operation expenses will be decreased not only by saving and more strict control of company‘s spending, but also by decreasing number of employees. The company plans to eliminate functions with are unnecessary and not related to main operations of the company. The number of employees in the Alytus factory will be decreased by approx. 300 and in Kaliningrad factory by approx. 180.
Mr. Čeika has stressed that AB „Snaigė“ will create all possible opportunities to alleviate social consequences of the workforce cut. According to him, the special work group will be formed in the company responsible for the issue. „We will invite representatives of Lithuanian labor exchange and training centres which will consult our employees. Also AB „Snaigė“ will inform other companies of Alytus region about qualification and position of the fired employees and will mediate in the process of re-hiring“, - said Mr. Čeika.
 
September 23, 2008, CORRECTION: Snaige AB financial accounts and interim report for the period of first half of 2008 We provide AB “Snaige” consolidated financial reports for the 1st half of 2008 prepared in compliance with 34 article of IFRS (Profit (loss) account has been supplemented).
 
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 operating capital. Company also had losses due to fluctuating dollar rates. This loss was acquired from Kaliningrad factory in Russia controlled by AB “Snaigė“, and where there are no financial instruments to insure oneself against the losses from currency fluctuations.
Company had a net loss of LTL 1.26 million (EUR 0.36 million) in the last year's first half.
By the consolidated unaudited statement, AB “Snaigė“ EBITDA was LTL 4.4 million (EUR 1.3 million) in the first half of 2008, compared to LTL 11 million (EUR 3.2 million) in the first half of 2007. ”During the second quarter this year we reached 1,6 times larger EBITDA than during the first quarter. That shows positive indicators of direct activities of the company”,- says Gediminas Čeika
 
August 8, 2008, Lithuanian Securities commission, on 7 August 2008 has approved the Prospectus of 4 000 000 ordinary shares issue of AB „Snaige“.
The main information about the issued shares:
• Name of the securities issued: Ordinary shares of AB „Snaigė“
• Number of issued shares: 4 000 000 units
• Subscription price of one share: 2.50 LTL
• Nominal value of the whole issue: 4 000 000 LTL
• Subscription period: 8 August 2008 - 27 August 2008
• Validity of pre-emptive right for the shareholders to subscribe shares: 8 august 2008 - 21 August 2008.
The shareholder so AB „Snaige“ have a pre-emptive right to acquire the issued shares during the first 14 days of the subscription period (8 august 2008 – 21 August 2008) proportionally to the number of AB „Snaige“ shares they owned on the rights record day (4 August 2008) of the general shareholder meeting of 21 July 2008. During the remaining subscription period (22 August 2008 - 28 August 2008) all the other interested
investors will have a right to acquire the issued shares. Investors can sign the shares subscription agreement during the subscription period at the headquarters of UAB FMĮ „Orion securities“, A.Tumėno str.4B (9 floor), LT - 01109, Vilnius during the weekdays from 8.30 am to 5.30 pm.
 
July 21, 2008, Extraordinary general meeting of shareholders held on July 21st in 2008 passed the following decision:
1) Cancellation of decisions from General Meeting of Shareholders to cancel all decisions regarding increase of an authorized capital, conducted during Extraordinary General Meeting of Shareholders on June 16, 2008.
2) Increase of an authorized capital
To increase the Company‘s authorized share capital by an additional contribution of LTL 4 000 000 (four million litas) from LTL 23 827 365 (twenty-three million, eight hundred and twenty-seven thousand, three hundred and sixty-five litas) to LTL 27 827 365 (twenty-seven million, eight hundred and twenty-seven thousand, three hundred and sixty-five litas), by issuing a new emission of 4 000 000 (four million) common registered shares with a nominal share value of LTL 1 (one litas). A price of newly issued shares is LTL 2.50 (two litas and fifty cents). Total sum of a new emission equals to LTL 10 000 000 (ten million litas).
Shares need to be subscribed and fully paid no later than within 21 (twenty-one) day after confirmation of the prospectus or when a manager of Juridical Persons Register officially publishes an offer to purchase new shares with a shareholder priority right, depending on which date is later.
Shareholders of the Company have a priority right to subscribe to the new shares in a proportion of a nominal value of shares they already own on the date of this Meeting within 14 (fourteen) days after confirmation of the prospectus or when a manager of Juridical Persons Register officially publishes an offer to purchase new shares with a shareholder priority right, depending on which date is later. After this period everyone interested can acquire the newly issued shares of the Company.
In the case when not all issued shares are subscribed during the period of a subscription, authorized capital will be increased by an amount equal to the sum of nominal values of subscribed shares. In this case the Company‘s Management Board must change the size of authorized capital and number of shares in the Company‘s Statute and present the Statute to a manager of Juridical Persons Register.
If during the period of a subscription more shares are subscribed than the amount to be issued, first of all they will be distributed to the Company‘s shareholders in a proportion to a nominal value of shares, which they own on the date of the Meeting, during which a decision to increase authorized capital by an additional contribution was taken. If there is no shareholder to subscribe for newly issued shares or if all shareholders together subscribe for shares less than the intended amount of shares to be issued, the rest of shares are distributed to other subscribed persons in proportion to subscribed number of shares.
3) Changes in Company‘s Statute
To change the Company‘s Statute and confirm its revision. The Statute is changed due to the increase of an authorized capital.
4) Authorization
To authorize (with the right of re-authorization) and obligate the Company‘s Managing Director to undersign the revision of the Company‘s Statute and present it to a manager of Juridical Persons Register, if not provided otherwise in this report, as well as carry out all other actions connected with the fulfilment of decisions agreed during this Meeting.
5) The election of auditing company.
To elect "Ernst & Young Baltic" for auditing AB "Snaige" annual financial statement and consolidated financial statement for the year 2008-2009 and to determine the payment of LTL 263.000 (two hundred and sixty-three thousand,) VAT excluded, for the audit services.
To authorize Company´s Managing Director to undersign, ascertaining the right to transfer the trust, the auditservice contract with the audit company, and to establish other contractual terms individually.
 
July 10, 2008, By the decision of Management Board of AB „Snaigė“ it was decided to supplement the agenda of Extraordinary Shareholders Meeting, scheduled on 21st of July, 2008, with the point of „The election of Auditing company“. The project of decision : Management Board suggests to approve the contract with UAB „ Ernst&Young Baltic“ for the audit of AB „ Snaigė“ annual financial statement and consolidated statement for the year of 2008-2009.
 
July 2, 2008, Management Board of “Snaigė” by agreement on July 1, 2008 decided:
1. In order to strengthen the shareholder equity base of subsidiary company OOO “Technprominvest (Kaliningrad, Russian Federation) it was decided to increase the authorized capital of OOO „Techprominvest“( Kaliningrad,,RF), by capitalizing 22 400 596,25 Litas debt for long term assets (machinery/equipment) sold by Joinstock Company „Snaige“ to OOO „Techprominvest“ and by capitalizing
OOO „Techprominvest“ debt of total amount of 32 757 324,75 which was provided by Joinstock Company „Snaige“. The total amount of capitalization is 55 197 921 Litas (Fifty-five million, one hundred and ninetyseven thousand, nine hundred and twenty-one Litas).
2.It was decided to authorize, with the right of re-authorization, Company's Managing Director Gediminas Ceika to sign all documents regarding AB“ Snaige“- as the only stockholder- decision to increase the authorized capital of OOO „Techprominvest“.
 
June 20, 2008, Management Board of “Snaigė” by agreement on June 19, 2008 decided to convene the Extraordinary General Meeting of „Snaigė“ AB (code 249664610) shareholders on July 21, 2008 at 10:00 a.m. in the main meeting hall of the company premises at Pramonės str. 6, Alytus.
Registration starts at 9:30 a.m. and ends at 9:50 a.m.
Shareholders who at the end of the accounting day of the General Meeting of Shareholders, i.e. June 14, 2008, will be on the shareholders' list of the Company, have a right to participate and vote at the General Meeting personally or by proxy, or represented by a person who have an agreement on a transfer of voting rights.
Shareholders attending the meeting must provide a personal identification document. Authorized representatives of the shareholders must additionally possess a proxy approved by the procedure prescribed by law.
On the agenda:
1) Cancellation of decisions of General Meeting of Shareholders
2) Increase of an authorized capital;
3) Changes in the Company's Statute;
4) Authorization.
Proposed projects on the Meeting decisions
1) Cancellation of decisions from General Meeting of Shareholders To cancel all decisions regarding increase of an authorized capital, conducted during Extraordinary General Meeting of Shareholders on June 16, 2008.
2) Increase of an authorized capital
To increase the Company‘s authorized share capital by an additional contribution of LTL 4 000 000 (four million litas) from LTL 23 827 365 (twenty-three million, eight hundred and twenty-seven thousand, three hundred and sixty-five litas) to LTL 27 827 365 (twenty-seven million, eight hundred and twenty-seven thousand, three hundred and sixty-five litas), by issuing a new emission of 4 000 000 (four million) common
registered shares with a nominal share value of LTL 1 (one litas). A price of newly issued shares is LTL 2.50 (two litas and fifty cents). Total sum of a new emission equals to LTL 10 000 000 (ten million litas).
Shares need to be subscribed and fully paid no later than within 21 (twenty-one) day after confirmation of the prospectus or when a manager of Juridical Persons Register officially publishes an offer to purchase new shares with a shareholder priority right, depending on which date is later. Shareholders of the Company have a priority right to subscribe to the new shares in a proportion of a nominal value of shares they already own on the date of this Meeting within 14 (fourteen) days after confirmation of the prospectus or when a manager of Juridical Persons Register officially publishes an offer to purchase new shares with a shareholder priority right, depending on which date is later. After this period everyone interested can acquire the newly issued shares of the Company.
In the case when not all issued shares are subscribed during the period of a subscription, authorized capital will be increased by an amount equal to the sum of nominal values of subscribed shares. In this case the Company‘s Management Board must change the size of authorized capital and number of shares in the Company‘s Statute and present the Statute to a manager of Juridical Persons Register.
If during the period of a subscription more shares are subscribed than the amount to be issued, first of all they will be distributed to the Company‘s shareholders in a proportion to a nominal value of shares, which they own on the date of the Meeting, during which a decision to increase authorized capital by an additional contribution was taken. If there is no shareholder to subscribe for newly issued shares or if all shareholders together subscribe for shares less than the intended amount of shares to be issued, the rest of shares are distributed to other subscribed persons in proportion to subscribed number of shares.
3) Changes in Company‘s Statute
To change the Company‘s Statute and confirm its revision. The Statute is changed due to the increase of an authorized capital.
4) Authorization
To authorize (with the right of re-authorization) and obligate the Company‘s Managing Director to undersign the revision of the Company‘s Statute and present it to a manager of Juridical Persons Register, if not provided otherwise in this report, as well as carry out all other actions connected with the fulfilment of decisions agreed during this Meeting.
 
June 16, 2008, Extraordinary general meeting of shareholders held on June 16th in 2008 passed the following decision:
1) Increase of an authorized capital
To increase the Company‘s authorized share capital by an additional contribution of LTL 4 000 000 (four million litas) from LTL 23 827 365 (twenty-three million, eight hundred and twenty-seven thousand, three hundred and sixty-five litas) to LTL 27 827 365 (twenty-seven million, eight hundred and twenty-seven thousand, three hundred and sixty-five litas), by issuing a new emission of 4 000 000 (four million) common
registered shares with a nominal share value of LTL 1 (one litas). A price of newly issued shares is LTL 2.50 (two litas and fifty cents). Total sum of a new emission equals to LTL 10 000 000 (ten million litas).
Shares need to be subscribed and fully paid no later than by the 4th of July, 2008.
Shareholders of the Company have a priority right to subscribe to the new shares in a proportion of a nominal value of shares they already own on the date of this Meeting within 14 (fourteen) days after a manager of Juridical Persons Register officially publishes an offer to purchase new shares with a shareholder priority right. After this period and until the 4th of July, 2008 everyone interested can acquire the newly issued shares of the Company.
In the case when all the issued shares are not subscribed during the period of a subscription, authorized capital will be increased by an amount equal to the sum of nominal values of subscribed shares. In this case the Company‘s Management Board must change the size of authorized capital and number of shares in the Company‘s Statute and present the Statute to a manager of Juridical Persons Register.
If during the period of a subscription more shares are subscribed than the amount to be issued, first of all they will be distributed to the Company‘s shareholders in a proportion to a nominal value of shares, which they own on the date of the Meeting, during which a decision to increase authorized capital by an additional contribution was taken. If there is no shareholder to subscribe for newly issued shares or if all shareholders together subscribe for shares less than the intended amount of shares to be issued, the rest of shares are distributed to other subscribed persons in proportion to subscribed number of shares.
2) Changes in Company‘s Statute
To change the Company‘s Statute and confirm its revision. The Statute is changed due to the increase of an authorized capital.
3) Authorization
To authorize (with the right of re-authorization) and obligate the Company‘s Managing Director to undersign the revision of the Company‘s Statute and present it to a manager of Juridical Persons Register, if not provided otherwise in this report, as well as carry out all other actions connected with the fulfilment of decisions agreed during this Meeting.
 
May 30, 2008, Financial consolidated unaudited accounts for the 1st quarter of 2008. AB “Snaigė” revenues increased by 7% According to unaudited consolidated financial accounts AB „Snaige“ during the first quarter of 2008 has reached revenues of 78 million LTL which was 5.4 m. LTL larger than during the first quarter of 2007 (during the first quarter of 2007 group‘s revenues amounted up to 72.6 m. LTL).
According to the director general of AB „Snaige“ Gediminas Čeika, the main reason for growth during the 1st quarter of 2008 was increasing sales in Russia. „Sales in Russia are successfully increasing since the last quarter of 2006, and during the first three months of 2008 we have sold 40% more refrigerators in this market than during the same period last year“ – informed G. Čeika. During the 1st quarter of 2008 the group has incurred 7.9 m. LTL unaudited consolidated loss. According to the director general of AB “Snaige” G. Čeika, the largest part of this loss was generated by group's Kaliningrad factory in Russia, where there are no active financial instruments available which can be used to
insure against losses caused by exchange rate fluctuations, and due to increasing prices of the main raw materials.
Despite incurred loss the director general of the group sees positive changes in the activities of the company:
compared to the last quarter of 2007 consolidated loss has decreased by 3,6 m LTL, consolidated EBITDA loss has decreased from -5.5 m LTL to -1.2 m LTL. „Despite the situation of the company is publicly valued sceptically, improving results of the company allows
us to expects that 2008 will be much better year than 2007“ - says G. Čeika.
 
May 20, 2008, In addition we present an audited financial statement of "Snaige" AB and newly revised audit conclusion concerning the annual report.
 
May 13, 2008, On May 12, 2008 the Management board of „Snaigė“ AB decided to convene the Extraordinary General Meeting of „Snaigė“ AB (code 249664610) shareholders on June 16, 2008 at 10:00 a.m. in the main meeting hall of the company premises at Pramonės str. 6, Alytus.
Registration starts at 9:30 a.m. and ends at 9:50 a.m.
Shareholders who at the end of the accounting day of the General Meeting of Shareholders, i.e. June 9, 2008, will be on the shareholders' list of the Company, have a right to participate and vote at the General Meeting personally or by proxy, or represented by a person who have an agreement on a transfer of voting rights.
Shareholders attending the meeting must provide a personal identification document. Authorized representatives of the shareholders must additionally possess a proxy approved by the procedure prescribed by law.
On the agenda:
1) Increase of an authorized capital;
2) Changes in the Company's Statute;
3) Authorization.
Proposed projects on the Meeting decisions
1) Increase of an authorized capital
To increase the Company‘s authorized share capital by an additional contribution of LTL 4 000 000 (four million litas) from LTL 23 827 365 (twenty-three million, eight hundred and twenty-seven thousand, three hundred and sixty-five litas) to LTL 27 827 365 (twenty-seven million, eight hundred and twenty-seven thousand, three hundred and sixty-five litas), by issuing a new emission of 4 000 000 (four million) common
registered shares with a nominal share value of LTL 1 (one litas). A price of newly issued shares is LTL 2.50 (two litas and fifty cents). Total sum of a new emission equals to LTL 10 000 000 (ten million litas). Shares need to be subscribed and fully paid no later than by the 4th of July, 2008. Shareholders of the Company have a priority right to subscribe to the new shares in a proportion of a nominal value of shares they already own on the date of this Meeting within 14 (fourteen) days after a manager of Juridical Persons Register officially publishes an offer to purchase new shares with a shareholder priority right. After this period and until the 4th of July, 2008 everyone interested can acquire the newly issued shares of the Company.
In the case when all the issued shares are not subscribed during the period of a subscription, authorized capital will be increased by an amount equal to the sum of nominal values of subscribed shares. In this case the Company‘s Management Board must change the size of authorized capital and number of shares in the Company‘s Statute and present the Statute to a manager of Juridical Persons Register.
If during the period of a subscription more shares are subscribed than the amount to be issued, first of all they will be distributed to the Company‘s shareholders in a proportion to a nominal value of shares, which they own on the date of the Meeting, during which a decision to increase authorized capital by an additional contribution was taken. If there is no shareholder to subscribe for newly issued shares or if all shareholders together subscribe for shares less than the intended amount of shares to be issued, the rest of shares are distributed to other subscribed persons in proportion to subscribed number of shares.
2) Changes in Company‘s Statute
To change the Company‘s Statute and confirm its revision. The Statute is changed due to the increase of an authorized capital.
3) Authorization
To authorize (with the right of re-authorization) and obligate the Company‘s Managing Director to undersign the revision of the Company‘s Statute and present it to a manager of Juridical Persons Register, if not provided otherwise in this report, as well as carry out all other actions connected with the fulfilment of decisions agreed during this Meeting.
 
April 25, 2008, The annual general meeting of shareholders held on April 25th in 2008 passed the following decision
1. To approve the annual report on the company’s activities for the year 2007
2. To take in to consideration for shareholders auditor‘s conclusion while voting regarding approval of company‘s financial statement for the year 2007.
3. To approve annual financial statement for the year 2007
4. To approve appropriation of profit (loss) for the year 2007
Retained earnings of the previous financial year at the end of reporting year 59 198 280 LTL (17 145 007 EUR)
Net profit for the year 2007 is - 3 093 738 LTL (-896 009 EUR)
Net profit (loss) for allocation at the end of financial year 56 104 542 LTL (16 248 998 EUR)
Shareholders contributions 0 LTL (0 EUR)
Transfers from reserves 34 087 600 LTL (9 872 451 EUR)
Profit for distribution 90 192 142 LTL (26 121 450 EUR
Allocation of profit:
Share of profit allocated to the statutory reserve 0 LTL (0 EUR)
Share of profit allocated to other reserves 4 512 300 LTL (1 306 852EUR)
Of which:
To charity, support 0 LTL(0 EUR)
To social, cultural needs 0 LTL (0 EUR)
Share of profit allocated to dividends 0 LTL (0 EUR)
Share of profit allocated to bonuses for the Board members 0 LTL (0 EUR)
Share of profit allocated for buy-back of company’s own shares 0 LTL(0EUR)
Share of profit allocated to investment reserve 4 512 300 LTL (1 306 852 EUR)
Retained earnings at the end of reporting year 85 679 842 LTL (24 814 597 EUR)
5. Not to purchase own shares
6. To elect Robertas Berzinskas as member of Company´s Management Board for the rest of functional period of the Board.
 
April 22, 2008, Presenting consolidated financial statements for the year 2007, auditors‘ report and confirmation of responsible persons and corrected consolidated annual report.
 
April 17, 2008, On the decision of the Company´s Management Board, it was decided to supplement on agenda of ordinary shareholders meeting to be held on 25th of April, 2008, and to propose projects for meeting decisions.
I.To supplements the agenda of Ordinary General Shareholder Meeting by clause: ”Election of Management Board member”.
Supplemented and specified agenda:
1.The annual report on the company’s activities for the year 2007
2.Audit conclusion regarding the financial statement for the year 2007
3.Approval of annual financial statement for the year 2007
4.Appropriation of Company´s profit (loss) of the year 2007
5.Buy-back of own shares
6.Election of Management Board member
II.Proposed projects for meeting decisions
1.The annual report on the company’s activities for the year 2007 Suggestion: To approve the annual report on the company’s activities for the year 2007
2.Audit conclusion regarding the financial statement for the year 2007 Suggestion: To recommend shareholders to consider audit conclusion while voting regarding approval of company’s financial statement for the year 2007.
3.Approval of annual financial statement for the year 2007 Suggestion: to approve annual financial statement for the year 2007
4.Appropriation of Company´s profit(loss) of the year 2007
Suggestion: to approve appropriation of profit(loss)
Retained earnings of the previous financial year at the end of reporting year 59 080 280 LTL (17 110 832EUR)
Net profit for the year 2007 is - 2 975 738 LTL (-861 833 EUR)
Net profit (loss) for allocation at the end of financial year 56 104 542 LTL (16 248 998 EUR)
Shareholders contributions 0 LTL (0 EUR)
Transfers from reserves 34 087 600 LTL (9 872 451 EUR)
Profit for distribution 90 192 142 LTL (26 121 450 EUR
Allocation of profit:
Share of profit allocated to the statutory reserve 0 LTL (0 EUR)
Share of profit allocated to other reserves 4 512 300 LTL (1 306 852 EUR)
Of which:
To charity, support 0 LTL(0 EUR)
To social, cultural needs 0 LTL (0 EUR)
Share of profit allocated to dividends 0 LTL (0 EUR)
Share of profit allocated to bonuses for the Board members 0 LTL (0 EUR)
Share of profit allocated for buy-back of company’s own shares 0 LTL (0 EUR)
Share of profit allocated to investment reserve 4 512 300 LTL (1 306 52 EUR)
Retained earnings at the end of reporting year 85 679 842 LTL (24 814 597 EUR)
5.Regarding buy-back of company’s own shares
Suggestions: not to purchase own shares
6.Election of Management Board member
Suggestion: To elect Robertas Beržinskas as member of Company´s Management Board for the rest offunctional period of the Board.
 
10 April 2008. Notification about disposal of a block of shares.
1.Snaige AB code 249664610, Pramonės str. 6, LT-62001 Alytus
(Name, code, registered address, home office address, State of the Company)
2. The reason for crossing the threshold: disposal
(Specify the relevant reason)
Selling of shares
The trigger event (indicate the specific event)
3. Hansa Eastern European Fund, code of Management Company 10194399, address
Liivalaia 12, Tallinn, Estonia
(Name of the person/ company having acquired/ disposed voting rights)
4. _____________________________________________________________________________
(Name of shareholder if different from indicated by point 3)
5. The date of transaction (specify) and 01-04-2008
Date of which the threshold was crossed (specify if different) 04-04-2008
6. Threshold that was crossed or reached (specify) 5 %