VILNIAUS BALDAI AB refinances long-term financial liabilities
September 27 2024 - 3:30AM
UK Regulatory
VILNIAUS BALDAI AB refinances long-term financial liabilities
VILNIAUS BALDAI AB (hereinafter – the Company) has secured the
financing of 30 million EUR (of which 24 million EUR is a long-term
loan for a 5-year period and 6 million EUR is a credit line for
2-year period) from Šiaulių bankas AB (hereinafter – the Bank) to
refinance its existing long-term financial liabilities.
Together with the financing provided by the Bank and the
Company's own funds, it is planned to fully cover the existing
liabilities to the European Bank for Reconstruction and
Development, AS Citadele Banka Lithuanian Branch, KŪB Pagalbos
verslui fondas and Invalda privatus kapitalas AB.
„The restructuring of funding sources opens a new business cycle
– having overcome the major challenges of the pandemic and
post-pandemic periods, we are ready to maintain sustainable
financial performance. The financial ratios of recent periods
already reflect the results of increased efficiency and the
implemented changes. In addition, we are also striving for greater
efficiency in managing funding sources. By operating at a more
stable business pace, the renewed loan repayment schedule and lower
debt servicing costs will free up more working capital for value
creation. This will allow us to expand investments in production
automation, robotics, the implementation of new technologies,
process improvements, and strengthening the team and its
competencies. This will contribute to further operational stability
and result assurance, as well as open up new opportunities to
increase competitiveness,” comments Jonas Krutinis, CEO of the
Company.
By reducing the number of creditors, the company also expects to
increase the speed of decision-making related to banking services
and reduce administrative costs.
The revenue of Vilniaus Baldai AB and its subsidiaries (“the
Group”) stood at 71.812 million EUR during September of 2023 – May
of 2024. They remained stable compared to to the same period of
previous financial year. Net profit of the Group during September
of 2023 – May of 2024 was 7.902 million EUR, while EBITDA was
12.914 million EUR. Net loss of the Group during September of 2022
– May of 2023 was 0.345 million EUR, while EBITDA was 4.700 million
EUR.
Additional information:
Head of Finance
Egidijus Žvaliauskas
Phone No: +370 5 2525700
Vilniaus Baldai Ab (LSE:0IY5)
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