Major Evenst 2009
01.12.2009
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 100 million LTL during 9 months of 2009. Major part of turnover, namely 86.7 million LTL, the company achieved in Alytus plant. The work in in Kaliningrad plant was suspended since beginning of the year due to ruble devaluation and economic recession in Russia.
During the nine months of 2009 AB Snaigė had 32.5 million LTL non audited consolidated loss before taxes. Large part of the loss - 12 mln.LTL was incurred due to write-off of overestimated market value of Kaliningrad factory. The loss due to the ruble devaluation amounted to over 5 million LTL, and severance pay for dismissed employees amounted to around 5 million LTL.
Currently, Alytaus plant is running on 100% capacity works five days a week. In September the customs duty for AB Snaigė products to Moldova and Ukraine has been cancelled. The company expects export increase to these countries.
27.11.2009
Overview of Company‘s business activities during the reporting period
According to the non audited consolidated financial information the Snaigė AB has achieved a consolidated turnover of 100 million LTL during 9 months of 2009. Major part of turnover, namely 86.7 million LTL, the company achieved in Alytus plant. The work in in Kaliningrad plant was suspended since beginning of the year due to ruble devaluation and economic recession in Russia.
During the nine months of 2009 Snaigė AB had 32.5 million LTL non audited consolidated loss before taxes. Large part of the loss - 12 mln.LTL was incurred due to write-off of overestimated market value of Kaliningrad factory.
The loss due to the ruble devaluation amounted to over 5 million LTL, and severance pay for dismissed employees amounted to around 5 million LTL.
Currently, Alytaus plant is running on 100% capacity works five days a week. In September the customs duty for Snaigė AB products to Moldova and Ukraine has been cancelled. The company expects export increase to these countries.
 
05.11.2009
Snaigė AB finished subscription of new bond issue
On 30 October 2009 the subscription period of Snaigė AB bonds with maturity of 160 days and annual interest rate of 18% has ended. During the subscription period 15 996 bonds with a nominal value of 100LTL were subscribed.
The issued securities were exceptionally offered only for the holders of Snaigė AB bonds which were not redeemed on 6 April 2009 by allowing to swap one non-redeemed bond to one newly issued. During the subscription period all the
non-redeemed bonds were swapped with the newly issued ones and all the obligations related to the bond issue not redeemed on 6 April 2009 were fully covered.
 
30.10.2009
Snaigė AB finished subscription of new bond issue
On 30 October 2009 the subscription period of Snaigė AB bonds with maturity of 160 days and annual interest rate of 18% has ended. During the subscription period 15 996 bonds with a nominal value of 100LTL were subscribed.
The issued securities were exceptionally offered only for the holders of Snaigė AB bonds which were not redeemed on 6 April 2009 by allowing to swap one non-redeemed bond to one newly issued. During the subscription period all the non-redeemed bonds were swapped with the newly issued ones and all the obligations related to the bond issue not redeemed on 6 April 2009 were fully covered.
 
31.08.2009
Overview of Company‘s business activities during the reporting period
According to the non audited consolidated financial information the Snaigė AB 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 Snaigė AB 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 Snaigė AB first half results of 2009.
During the first half of 2009 Snaigė AB 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.
 
28.08.2009
Overview of Company‘s business activities during the reporting period
According to the non audited consolidated financial information the Snaigė AB 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 Snaigė AB 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 Snaigė AB first half results of 2009.
During the first half of 2009 Snaigė AB 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.
 
14.08.2009
Closure of Kaliningrad factory will ease Snaige AB business situation
On 12 of August 2009 Snaigė AB board of directors has decided to close down its refrigerators manufacturing factory in Kaliningrad, Russia. Manufacturing activity at this factory has been suspended since 2 March 2009. According to managing director of Snaigė AB Gediminas Čeika, after devaluation of Russian rubble manufacturing at this country has become highly unprofitable. „Despite being very hard, decision to close down Kaliningrad factory was inevitable“ - stated G. Čeika. -„We do not see any positive changes in the Russian market and even after manufacturing suspension the company is
each month incurring loss due to Kaliningrad factory. Such financial burden during the times of economical downturn is too heavy, as a result, the decision to close down the factory was taken“.
The company plans to sell Kaliningrad factory premises. Refrigerator manufacturing equipment will be transported and used in the main and stably working factory in Alytus.
The company will incur 70 m.LTL losses due to failed investments in Kaliningrad. However, after selling Kaliningrad factory premises the company will raise additional financial reserve. Currently Snaigė AB has more orders for new refrigerators than it is able to produce, however, it is unable to increase production due to lack of working capital.  According to G. Čeika, Snaigė AB does not rule out possibility to sell refrigerators in Russia. „Economic instability and recession will not go on forever, after reversion of current business situation we will look for ways to recover trading relations in Russian market“ - said G. Čeika.
 
10.07.2009
Subscription of new bond issue
On 8 July 2009 the subscription period of Snaigė AB bonds with maturity of 274 days and annual interest rate of 14% has ended. During the subscription period 6 962 bonds with nominal value of 100LTL were subscribed.
The issued securities were exceptionally offered only for the holders of Snaigė AB bonds which were not redeemed on 6 April 2009 by allowing to swap one non-redeemed bond to one newly issued. In such a way holders of approximately one third of all non-redeemed bonds agreed to restructure their overdue securities. After the end of subscription period the residual nominal value of non-redeemed bonds decreased to 1.67 m.LTL (or 8.4% of the whole bonds issue of year 2008).
The company invites the holders of remaining non-redeemed bonds to continue negotiations in order to identify solution appropriate for both parties.
 
29.05.2009
Snaige AB loss has decreased by 5 m.LTL
According to unaudited consolidated data the revenues of Snaigė AB have reached 32.8 m.LTL in the first quarter of 2009. The revenues were two times smaller than in the same period in 2008 (79.08 m.LTL).
According to the director general of Snaigė AB Gediminas Čeika, reached revenues are the same as planned in the beginning of the year, taking into account that only one of company's two factories was operating and that only one shift was employed for 4 days a week. “The first quarter was challenging” - says G. Čeika. -“Due to devaluation of local currencies in Russia and Ukraine and due to 18% increase in import tax in Ukraine sales in these main markets of Snaige AB have significantly decreased. Due to decreased sales we were forced to reduce number of employees, restructure manufacturing and adapt to new conditions.
During the first wuarter of 2009 the company has incurred consolidated unaudited loss before tax of 14 m.LTL. Loss due to devaluation of Russian rubble amounted about 6 m.LTL, and due to employees severance compensation - about 3 m.LTL.
According to director general of the loss is almost 5 m.LTL smaller than consolidated loss before taxes incurred during the last quarter of 2008.
“This is small, but still a step ahead” - says G. Čeika. - “After the beginning of hot season we started to receive more orders, entered into 5 working days per week manufacturing mode. However we are unable to increase manufacturing significantly due to lack of working capital. If the company would be successful in receiving government support or reaching more favorable agreements with Lithuanian banks, we would be able to manufacture morerefrigerators and fulfill more orders.”
According to consolidated unaudited data, Snaige AB has reached EBITDA of -9.2 m.LTL.
 
27.05.2009
Subscription of new bond issue
On 22 May 2009 the subscription period of Snaigė AB bonds with maturity of 321 days and annual interest rate of 14% has ended. During the subscription period 5 295 bonds with nominal value of 100LTL were subscribed.
The issued securities were exceptionally offered only for the holders of Snaigė AB bonds which were not redeemed on 6 April 2009 by allowing to swap one non-redeemed bond to one newly issued. In such a way holders of 18% of all non-redeemed bonds agreed to restructure their overdue securities.
The company invites the holders of remaining non-redeemed bonds to continue negotiations in order to identify solution appropriate for both parties.
 
15.05.2009
Submitted an application to the NASDAQ OMX Vilnius
The only domestic refrigerators manufacturer in the Baltic states Snaigė AB submitted an application to the NASDAQ OMX Vilnius AB for the transfer of the issuer's securities from the NASDAQ OMX Vilnius Main List to the NASDAQ OMX Vilnius Secondary List.
 
04.05.2009
Snaige AB from the May 4th is back to the normal five days a week work schedule.
According to Snaigė AB General Manager Gediminas Čeika,returning to the five working days have been planned in advance. "Refrigerators sale season starts from around the month of May. From this period, always feel the increased need for our products. Therefore, the return to five working days of the week was provided at the end of last year, "- said Gediminas Čeika.
 
22.04.2009
Decisions of the ordinary General Shareholder's meeting
General meeting of shareholders held on April 22th in 2009 passed the following decision:
1. Approved the annual report on the company's activities for the year 2008.
2. Listened the auditor's report of company's financial statement for the year 2008.
3. Approved annual financial statement for the year 2008.
4. Approved appropriation of profit (loss)) of the year 2008:
Retained earnings of the previous financial year at the end of reporting year 52,517,654 LTL (15,210,164 EUR)
Net profit for the year 2008 is -15,128,201 LTL (-4,381,430 EUR)
Net profit (loss) for allocation at the end of financial year 37,389,453LTL (10,828,734 EUR)
Shareholders contributions 0 LTL (0 EUR)
Transfers from reserves 34,087,600 LTL (9,872,451 EUR)
Profit for distribution 71,477,053 LTL (20,701,185 EUR)
Allocation of profit:
Share of profit allocated to the statutory reserve 400,000 LTL (115,848 EUR)
Share of profit allocated to other reserves 1,860,000 LTL (538,693 EUR)
Of which:
To charity, support 0 LTL (0 EUR)
To social, cultural needs 60,000 LTL (17,377 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 1,800,000 LTL (521,316 EUR)
Retained earnings at the end of reporting year 69,217,053 LTL (20,046,644 EUR).
5. Approved changed company's statute parts:
“2.2. The Company performs manufacture of refrigerators and freezers (manufacture of electric domestic appliances and devices (27.51) and other activity not forbidden by laws of the Republic of Lithuania” and 9.1.2, 9.1.6, 9.1.8, 9.1.9, 9.1.10 items relating with The Company's announcements publishing in newspaper. The company changing newspaper Lietuvos rytas to the newspaper Kauno diena.
5.1. The Company‘s Managing Director authorized (with the right of re-authorization) and obligated to undersign the revision of the Company‘s Statute and present it to a manager of Juridical Persons Register, perform all other actions connected with the fulfillment of decisions agreed during this Meeting.
6. Kestutis Pilipuitis elected as member of Company´s Management Board for the rest of functional period of the Board.
7. Kustaa Aima, Rasa Balčiūnaitė-Kaminskienė, and Virginijus Dumbliauskas elected as the members of Audit committee for the rest of functional period of the Board and to approve committee's rules.
 
20.04.2009
CORRECTION: Draft resolutions of the General Meeting
Correction: The Annual report, Finacial Statements and auditor's Review Report for the shareholders of Snaige AB are attached.
Management Board of Snaigė AB passed the following decision on 10 April, 2009 to approve the draft resolutions to the General Meeting to be convened on 22 April, 2009:
1. The annual report on the company‘s activities for the year 2008.
Suggestion: To approve the annual report on the company's activities for the year 2008.
2. Auditor‘s report on company‘s financial statements of the year 2008.
Suggestion: To listen the auditor's report of company's financial statement for the year 2008.
3. Approval of company‘s annual financial statements of the year 2008.
Suggestion: To approve annual financial statement for the year 2008
4. Approval of the 2008 profit appropriation.
Suggestion: To approve appropriation of profit (loss)) of the year 2008 Retained earnings of the previous financial year at the end of reporting year 52,517,654 LTL (15,210,164 EUR)
Net profit for the year 2008 is -15,128,201 LTL (-4,381,430 EUR)
Net profit (loss) for allocation at the end of financial year 37,389,453LTL (10,828,734 EUR)
Shareholders contributions 0 LTL (0 EUR)
Transfers from reserves 34,087,600 LTL (9,872,451 EUR)
Profit for distribution 71,477,053 LTL (20,701,185 EUR)
Allocation of profit:
Share of profit allocated to the statutory reserve 400,000 LTL (115,848 EUR)
Share of profit allocated to other reserves 1,860,000 LTL (538,693 EUR)
Of which:
To charity, support 0 LTL (0 EUR)
To social, cultural needs 60,000 LTL (17,377 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 1,800,000 LTL (521,316 EUR)
Retained earnings at the end of reporting year 69,217,053 LTL (20,046,644 EUR).
5. Changes in the Company's Statute;
Suggestion: to approve changed company's statute parts:
“2.2. The Company performs manufacture of refrigerators and freezers (manufacture of electric domestic appliances and devices (27.51) and other activity not forbidden by laws of the Republic of Lithuania.”
“9.1.2 A notice of the General Meeting must be published in the daily Kauno diena or delivered against acknowledgement of receipt sent by registered post to each shareholder not later than 30 days before the General Meeting. If the General Meeting is not held, the shareholders must be notified of the repeat General Meeting in the manner specified herein at least 5 days before the day of this General Meeting. The repeat General Meeting shall be convened at least 5 days and within 30 days after the day of the General Meeting which was not held.”
“9.1.6 Every creditor of the Company must be notified against acknowledgement of receipt or by registered mail of the decision to reduce the authorized capital of the Company. Moreover, the mentioned decision must be published in the daily Kauno diena or every shareholder must be notified thereof against acknowledgement of receipt or by registered mail.”
“9.1.8 The Company shall publish the prepared terms of reorganization in the daily Kauno diena three times with at least 30-day intervals between publications or publish them once at least 30 days before the General Meeting on the reorganization of the company in the daily Kauno diena and notify all shareholders and creditors of the Company in writing.”
“9.1.9 A notice of the decision to transform the Company must be published in the daily Kauno diena three times with at least 30-day intervals between publications or publish them once at least 30 days before the General Meeting on the reorganization of the company in the daily Kauno diena and notify all shareholders and creditors of the Company in writing.”
“9.1.10. A notice of the decision to liquidate the Company shall be in the daily Kauno diena three times with at least 30-day intervals between publications or publish them once at least 30 days before the General Meeting on the reorganization of the company in the daily Kauno diena and notify all shareholders and creditors of the Company in writing.”
5. 1. 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 fulfillment of decisions agreed during this Meeting.
6. Election of Management Board member;
Suggested: To elect Kestutis Pilipuitis as member of Company´s Management Board for the rest of functional period of the Board.
7. Members of audit committee election and regulations of committee approval.
Suggested: To ellect Kustaa Aima, Rasa Balčiūnaitė-Kaminskienė, and Virginijus Dumbliauskas as the members of Audit committee for the rest of functional period of the Board and to approve committee's rules.