Snaige shareholders approve restructuring plan :: Dienas Bizness
Home » Business » Snaige shareholders approve restructuring plan :: Dienas Bizness
June 30, 2022
The shareholders of Snaige, the only refrigerator manufacturer in the Baltic States, have approved the company’s restructuring plan, the company informed the Vilnius Stock Exchange.
The plan is that the Lithuanian-based company, controlled by the Russian group Polair, will produce more professional and medical refrigerators and special equipment, as well as sell some of its assets. The restructuring is scheduled to start early next year and be completed within four years.
This year, Snaige plans a turnover of 25 million euros, but in 2026 it could exceed 35 million euros. The company estimates that its net profit in the first year of the restructuring will be around 270,000 euros, but at the end of the restructuring process the annual profit will exceed one million euros.
During the restructuring period, Snaige intends to repay 9.2 million euros to creditors.
In the first quarter of this year, Snaige’s consolidated turnover reached 5.6 million euros, which is 20% less than in January-March last year. Loss before interest, tax, depreciation and amortization was EUR 0.7 million.
Last year, the refrigerator manufacturer’s revenue increased by 14.4% to 32.9 million euros, while the company’s loss reached two million euros.
Snaige’s main shareholder is Cyprus-based Sekenora Holdings, which is indirectly controlled by Polair.