Despite the difficult year of 2022, SNAIGĖ believes in the prospects of its activities
April 27 2023 - 9:00AM
Despite the difficult year of 2022, SNAIGĖ believes in the
prospects of its activities
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:
- The general voting ballot;
- 2022 set of financial statements, auditor's report, annual
report, draft profit and loss account.
Mindaugas Sologubas General ManagerTel. 8 652
11997
- absnaige-2022-12-31-en
- VAS balsavimo rastu biuletenis_Common
voting_paper_2023_04_28
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