Consolidated turnover of MAXIMA GRUPĖ, UAB decreased by 5.7% in 2010, compared to 2009, and amounted to LTL 7.279 bn, exclusive of VAT. Decrease in the turnover of the Group's companies is linked to the long-standing global economic crisis and its negative effects on the country's markets and consumption.
Looking at the quarterly results, turnover decrease prevailed in the first three quarters, compared to the same period in 2009. A slight rise in consumption was observed only in the last quarter of the previous financial year, when the consolidated turnover of MAXIMA GRUPĖ companies was 3% higher than at the same time in 2009.
However, according to Mr. Mindaugas Bagdonavičius, Director General of MAXIMA GRUPĖ, UAB, consumption revival at the end of the previous year and slightly higher turnover in the last quarter of 2010, are not sufficient indicators of consumption getting back on track or of the economic situation becoming more stable this year in the countries MAXIMA operates in.
"We had envisaged the need to tighten our belts in 2010. And indeed, last year was one of overall cost-cutting for all MAXIMA GRUPĖ companies. Considering the forecasts of economics experts, this year is expected to be better in many markets, yet the beginning of the year is not promising with regards to delight consumption changes or economic stability", says Mr. M. Bagdonavičius.
In 2010, Lithuanian companies experienced the most extensive decrease in turnover. MAXIMA LT turnover dropped by 7.2% during the reporting period, amounting to LTL 4.433 bn, exclusive of VAT. Meanwhile, the turnover of the Group's company UAB Ermitažas decreased by 6.4% to LTL 162.0 m, exclusive of VAT.
MAXIMA Latvia turnover fell 3.7% in 2010, compared to the previous financial year, amounting to LTL 1.840 bn, exclusive of VAT. MAXIMA Bulgaria saw its turnover decrease by 6.9%, reaching LTL 199.5 m, exclusive of VAT.
The only company of MAXIMA GRUPĖ to see a slight increase in turnover was MAXIMA Eesti: its turnover rose 1.2%, compared to 2009, and amounted to LTL 887.9 m, exclusive of VAT. This is explained by lower economic crisis impact on the Estonian economy.
Registered in 2007, MAXIMA GRUPĖ, UAB is an operative financial holding company that operates a retail business in Lithuania, Latvia, Estonia, and Bulgaria, and has a chain of 437 Maxima X, Maxima XX, Maxima XXX, T-Market, T-Market Express, and Ermitažas supermarkets (217 in Lithuania, 131 in Latvia, 54 in Estonia, and 35 in Bulgaria), employing over 24.5 thousand people.
