AB SNAIGĖ III Quarter Results| MENAFN.COM

Wednesday, 30 November 2022 01:05 GMT

AB SNAIGĖ III Quarter Results


(MENAFN- GlobeNewsWire - Nasdaq) English Lithuanian

According to consolidated unaudited data, AB SNAIGE managed to stop the growth of losses: in the third quarter of this year, it was three times lower than in the second and reached 263 thousand. euros. However, the factors affecting the company's activities negatively, such as the war, rising prices of energy resources, inflation, and recession in Europe, have remained.

According to AB SNAIGĖ CEO, Mindaugas Sologubas, the company is currently continuing to operate, producing refrigerators, developing its new line of industrial refrigeration products and has no intention of stopping yet. 'We are trying to get out of this unfavourable situation for the company on our own,' says M. Sologubas. 'The biggest internal obstacle to our activity is the lack of working capital. We have many more orders than we can produce. We cannot borrow; for the time being, we pay for raw materials in advance, which negatively affects the company's result'.

In the third quarter, AB SNAIGĖ implemented an impressive and honourable order. Refrigerators of the Retro line in various colours produced by the company will be sold in Lidl stores in Germany.

According to unaudited consolidated data, the company reached over 16 million EUR turnover in three quarters of this year, i.e., one and a half times lower than in the same period last year. The company suffered a 1.9 million EUR unaudited consolidated EBITDA loss.

According to unofficial data, the main shareholder of AB SNAIGĖ's shares, Sekenora Holdings Limited, a Cypriot investment company, is considering the possibility of selling the company's shares. According to AB SNAIGĖ CEO M. Sologubas, the appearance of a new shareholder would significantly improve the company's situation. A change in the shareholder's country of origin alone would solve many problems that M. Sologubas believes the company is undeservedly facing.

AB 'Snaigė' exported 93% of its production in three quarters of this year. Germany, the Czech Republic, Italy and Austria were the most significant company's sales markets.

The AB SNAIGĖ group includes two subsidiaries TOB SNAIGĖ UKRAINA and UAB ALMECHA. The company is one of the largest employers in the city and district of Alytus, with more than 370 employees, it supplies orders and works to many Lithuanian companies, and it pays the Lithuanian state about 3 million. EUR taxes. In September, the company started the restructuring process.

Mindaugas Sologubas
General Manager
Tel. +370 685 80933


Attachment

  • consolidated interim financial statements 2022_q3



Attachments Consolidated INTERIM financial statements 2022_Q3...

MENAFN25112022004107003653ID1105233235


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