First quater rezults
According to unaudited consolidated data, in the
first quarter of this year AB SNAIGĖ reached over 4.6 million Eur
turnover and suffered 0.8 million EUR unaudited consolidated EBITDA
loss.
According to Mindaugas Sologubas, general
director of AB "Snaigė", the first quarter of the year is always
the worst, because the season of sale of refrigeration equipment
begins in the hot season. And this year it was even worse due to
the depletion of energy resources, infliation and increased
interest rates on loans. These circumstances did not encourage
consumers in all the company's markets to upgrade their household
refrigeration appliances. There was also a huge shortage of sales
to Ukraine, which in the first months of this year survived
numerous bombardments of electrical stations and the cities
themselves, and almost did not buy the company's refrigerators.
AB SNAIGEI was much better at selling commercial
refrigeration equipment. In this segment, there were more orders
than the company could produce due to the lack of working capital.
Most of the commercial equipment was exported to Germany, Italy and
Poland.
The rise in energy and the increase in average
wages also increased the company's own costs. The purchase of raw
materials and parts in advance also worsened the company's result.
In the opinion of M. Sologubas, if the company had sufficient
working capital, its sales and profitability would increase
significantly.
Despite the circumstances, AB SNAIGĖ does not
intend to stop and abandon its plans. The company continues to
develop its new line of industrial refrigeration products, making
its way to new markets and new business segments. According to M.
Sologubas, the second quarter must be better: more and more orders
are placed by Ukrainian customers, we hope for a successful outcome
of negotiations with potential customers of medical refrigeration
equipment and monoblock refrigeration units.
AB SNAIGĖ is currently awaiting the decision of
the Court of Appeal of Lithuania on its restructuring plan. The
company expects the court to approve the plan, thus enabling the
company to operate and settle with its creditors.
The vast majority (over 80 per cent) of all
non-mortage creditors of the company and SODRA support this plan.
The company is supported by the Economic Committee of the
Lithunainan Parlament and a large number of the company's
customers. AB SNAIGĖ was forced to start the process of
reconstruction in order to preserve the continuity of activities,
which was threatened by the outbreak of the war in Ukraine last
year.
Attached:
- AB Snaige consolidated interim financial statements for three
months period ended 31 March 2023 (unaudited).
Managing Director Mindaugas Sologubas Phone +370 652 11997
Snaige Ab (LSE:0OMU)
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