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Snaige (SNG1L) investor relations material
Snaige Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary9 Sep, 2024
Executive summary
Snaigė AB reported a net loss of €1,748 thousand for the six months ended 30 June 2024, compared to a net loss of €1,811 thousand for the same period in 2023, reflecting a slight improvement year-over-year.
Sales revenue for H1 2024 was €5,721 thousand, a significant decrease from €9,189 thousand in H1 2023, mainly due to market disruptions and lower demand.
The company remains under restructuring, with a court-approved plan set for four years, and continues to operate while implementing measures to restore profitability and liquidity.
A mandatory takeover bid was completed, resulting in UAB EDS INVEST 3 holding 92.11% of shares, and the company will be delisted from Nasdaq Vilnius as of 1 November 2024.
Financial highlights
H1 2024 sales: €5,721 thousand, down 37.7% year-over-year from €9,189 thousand.
Gross loss for H1 2024: €51 thousand, compared to a gross loss of €337 thousand in H1 2023.
Operating loss before tax: €1,748 thousand in H1 2024, versus €1,811 thousand in H1 2023.
Cash and cash equivalents at 30 June 2024: €100 thousand, down from €291 thousand at year-end 2023.
Basic and diluted loss per share: €(0.04) for H1 2024, compared to €(0.05) for H1 2023.
Outlook and guidance
Management expects to fund working capital through new product sales, asset disposals, and manufacturing services, aiming to reduce supplier debts as per the restructuring plan.
The company anticipates that the negative impact from the war in Ukraine and increased costs is temporary, with recovery expected as new markets and product categories are developed.
Material uncertainties remain regarding the company's ability to continue as a going concern, but management is confident in meeting obligations under the restructuring plan.
What is the delisting date for Snaigė AB shares?
Does Snaigė AB meet equity capital requirements?
How did war impact raw material/energy costs?
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Frequently asked questions
AB Snaigė is a Lithuanian home appliance manufacturer specializing in refrigeration products. The company produces refrigerators, freezers, and wine coolers for household and commercial use. It exports its products to international markets and operates through retail, distribution, and OEM channels. The company is headquartered in Alytus, Lithuania, and its shares are listed on the OMXV.
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