The war harms AB SNAIGĖ results of the first half of this year
According to unaudited consolidated data, the company reached almost 12 million in the first half of 2022. EUR turnover, i.e. 29 percent lower than in the same period last year. The company suffered a 1.6 million EUR unaudited consolidated EBITDA loss.
According to Mindaugas Sologubas, General Manager of AB Snaigė, the protracted war and the rising cost of resources and transport negatively affected the company's results. The company has lost Ukraine, one of the most important markets for its production. The war also negatively affected other AB SNAIGĖ markets, such as central and western Europe. Sales have slowed down significantly or even stopped. The uncertainty of the situation prompted many of the company's customers to postpone their orders and suspend their development plans.
To ensure continuity of operations, the company prepared a restructuring plan for the company's operations and started the restructuring process, which became effective on September 20. According to the court's assessment, the prospects of the company's activities in the draft restructuring plan lead to the conclusion that the company has real opportunities to restore solvency, which is why it was allowed to restructure.
According to Mindaugas Sologubas, the company continues to operate, manufactures refrigerators, develops its new line of industrial refrigeration products and does not intend to stop. The company pays taxes to the state and settles with employees on time.
AB Snaigė exported 93% of its production in the first half of this year. Germany, the Czech Republic, Italy and Austria were the most significant company's sales markets.
Sekenora Holdings Limited, a Cypriot investment company, is the main shareholder of SNAIGĖ. The 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, provides orders to many Lithuanian companies. The company pays the Lithuanian state about 3 million. EUR in taxes annually.
Mindaugas Sologubas
General Manager
Tel.
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