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Though, recently, MAXIMA shopping chain has been affected by the general consumption slowdown, last year the number of buyers in the chain's stores was increasing. According to financial calculations, the turnover of MAXIMA GRUPĖ, UAB in 2008 grew by 25.7% and exceeded LTL 10 billion, and (inclusive of VAT) this is LTL 1.8 billion more than in 2007, when the turnover of MAXIMA GRUPĖ, UAB was LTL 8.18 billion (inclusive of VAT).

 

"The situation in retail trade business, similarly to all businesses in the country in general, is changing considerably. Economic recession has also considerably adjusted our financial results, which were the worst in the last three months of 2008 throughout the entire year. In October, the growth was 21.7%, and in December - only 10.8%", said Mr. Mindaugas Bagdonavičius, the General Manager for MAXIMA GRUPĖ, UAB. However, compared to 2007, total turnover of MAXIMA shopping chains increased last year due to the opening of new stores and effective price policy. "We suppose, that the favour of buyers with the shopping chain was determined by the fact that we have timely responded to market changes and due to our ability to satisfy changed consumer needs", Mr. Bagdonavičius said. According to him, optimisation of internal resources and management mechanism that were carried out in the middle of the last year helped to retain the turnover; the company has reviewed its investments, adjusted its chain expansion, and implemented some means for increasing working efficiency.

 

Compared to 2007, 2008 1Q sales of MAXIMA GRUPĖ grew by 35.1%, Q2 – by 29.1%, Q3 – by 24.6%, and Q4 – by 16.8%.

 

"We will try to handle challenges of the economic crisis by offering cheaper goods, yet quality products at a low price will be our priority. Moreover, this year we are going to pay particular attention to the production of local manufacturers", claimed Mr. Bagdonavičius. For example, in Lithuania MAXIMA is going to cooperate with national manufacturers more closely, entrusting them the production of gastronomic and confectionery products supplied to the chain.

 

In Lithuania, sales of the retail company MAXIMA LT during the period under report also grew by 25% and amounted to LTL 6.4 billion. The turnover of 2008 Q1, compared to the same period in 2007, grew by 31.8%, Q2 – by 19.8%, which amounted to LTL 3.07 billion and LTL 3.34 billion accordingly.

 

Last year's turnover of MAXIMA Latvija, the company of MAXIMA GRUPĖ, UAB operating in Latvia, grew by 19.9%, from almost LTL 2 billion in 2007 to LTL 2.4 billion in 2008. According to Mr. Bagdonavičius, though Latvian buyers are in particularly dark mood, MAXIMA stores in the neighbouring country are among the most popular ones during the crisis due to availability of quality goods at a low price.

 

The turnover of MAXIMA Eesti, which currently operates 51 stores in Estonia, was changing most rapidly among the Baltic States: it grew by as much as 43.2% and amounted to almost LTL 1 billion. As announced previously, good results were an outcome of intensive expansion of the shopping chain in Estonia in 2007 and 2008, opening of the first shopping centre MAXIMA XXX in Piarnu city. Moreover, more and more often Estonian buyers are choosing low-price products, and MAXIMA shopping centres are among those offering the lowest price.

 

In 2008, the turnover of MAXIMA Bulgaria that has been consistently increasing its sales grew by 38.5% thanks to the implemented expansion. The company's revenue amounted to LTL 232 million.

 

Sales of the company UAB Ermitažas, which is a part of the MAXIMA GRUPĖ, within the period under report grew by 49.1% and amounted to almost LTL 250 million. The increase in turnover was determined by the opening of new ERMITAŽAS shopping centres in Klaipėda and Šiauliai.

 

MAXIMA GRUPĖ, UAB operates a retail trade business in the Baltic States and Bulgaria, which consists of 430 shopping centres MAXIMA X, MAXIMA XX, MAXIMA XXX, T-Market, Ermitažas: 231 in Lithuania, 125 in Latvia, 51 in Estonia, and 24 in Bulgaria. All companies employ over 27 thousand members of staff.