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Despite the difficult year of 2022, SNAIGĖ believes in the prospects of its activities

Snaige
Snaige

SNAIGĖ AB is providing the audited company’s financial statements for 2022, the auditor’s report, the annual report and the project of distribution of profit (loss) for the ordinary general shareholders meeting of the Company which will be held on 28 April 2023.

The Company's shareholders are invited to attend the Ordinary General Meeting of Shareholders and to vote on the items on the agenda of the Meeting (Kareivių g. 6, (5th floor) Vilnius, Lithuania).

In 2022, the Company reached 21 million. EUR audited consolidated turnover, i.e. 37 percent less than in 2021.

According to Mindaugas Sologubas, general director of AB "Snaigė", the falling turnover of the company is also a consequence of war and the cost raise of resources, transport and energy.

“In the first half of last year, the war not only deprived Ukraine, one of our largest markets, but also significantly frightened many our customers in central and western Europe." – says M. Sologubas.- "The uncertainty of the situation has prompted many of them to postpone their orders, to put their plans on hold. In almost all of our markets, sales slowed down or even stopped in the first half of the year. Increase of energy prices in the second half of the year also contributed significantly to the drop in sales."

The Company, not wanting to risk the future of a viable and potential company, in order to ensure jobs and social guarantees for its employees, initiated a restructuring process, which became effective in September 2022. In its ruling, the Kaunas Regional Court did not express any doubts about the validity of the restructuring plan, but did not approve the plan, since, in its opinion, the plan does not sufficiently represent the interests of the mortgage creditor. AB SNAIGĖ, opposing such a court decision, appealed against it to a higher court.

According to Mindaugas Sologubas, general director of AB SNAIGĖ currently the company is continuing to operate, producing refrigerators, developing its new category of industrial refrigeration products and has no intention of stopping. "We are trying to get out of this unfavourable for the company situation 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 yet, we pay for raw materials in advance, which also negatively affects the company's result. In this situation, we are supported by most of our creditors and especially by our customers: some pay for the goods earlier than agreed, others do not complain if we are late with the execution of the order, etc. These are WHIRLPOOL (Italia), SEVERIN, KBS, NORD CAP, GASTRO, BOMAN, BAYTRONIC (Germany), AIEA (Moldova), MARIO MIRANDA (Portugal) and many others, our long-term partners.

The company's audited consolidated loss before interest, taxes, depreciation and amortization (EBITDA) last year reached 2.7 million. Eur. According to M. Sologubas, almost half of this loss was caused by the recalculation of reserves, provisions and accumulations, which the company carried out due to the restructuring process and the assessment of the consequences of the war in Ukraine. Therefore, according to the manager, the results of direct economic activity are better.

"We dared to turn to the Parliament for help," said M. Sologubas. "The SNAIGĖ issue was discussed in the Economic Committee of the Parliament on Wednesday. I am glad that we were heard, the chairman of the committee, Kazys Starkevičius, will hold a separate meeting to examine our problem, seconded by the deputy chairman of the committee, Gintautas Paluckas, who assessed SNAIGĖ as a significant company not only in the region, but also in Lithuania."

AB "Snaigė" in 2022 exported 93 percent its products to 30 European and Asian countries. The company's largest markets were Germany, Poland, Austria, Switzerland, Italy, Ukraine.

AB SNAIGĖ is one of the largest employers in the city and district of Alytus, the factory employs over 340 employees, the company provides orders and work to many Lithuanian companies. The total wage fund of SNAIGĖ in 2022 amounted to 5.6 million. EUR, and the total amount of calculated contributions to SODRA in 2022 amounted to 1.4 million. Eur. The Company has paid EUR 723,657 in personal income tax alone during the year (from March 1, 2022 to March 28, 2023).

More detailed information is provided in the audited consolidated financial statements of AB SNAIGĖ for 2022 (see appendices).

Attached:

  1. The general voting ballot;

  2. 2022 set of financial statements, auditor's report, annual report, draft profit and loss account.

Mindaugas Sologubas
General Manager
Tel. 8 652 11997


Attachments