Vilniaus Baldai Secures €30 Million for Financial Growth
Vilniaus Baldai AB Secures Significant Financing
Vilniaus Baldai AB has successfully secured a financing package totaling 30 million EUR to enhance its financial stability and future growth prospects. This financing comprises a 24 million EUR long-term loan for a period of five years, along with a 6 million EUR credit line available for two years, all sourced from Šiauli? bankas AB.
Strategic Refinancing to Enhance Financial Stability
The financing will be instrumental in refinancing the Company's existing long-term financial liabilities. This strategic move not only stabilizes Vilniaus Baldai's financial structure but also signifies a proactive approach to managing its obligations. The funds will enable the Company to fully address its current liabilities with other financial institutions, including the European Bank for Reconstruction and Development and AS Citadele Banka.
Adapting to Market Changes
According to CEO Jonas Krutinis, this restructuring of funding sources marks the beginning of a new business cycle for the Company. After navigating through the significant challenges presented by the pandemic and subsequent periods, Vilniaus Baldai is positioning itself to maintain robust financial performance.
Improving Operational Efficiency
Krutinis emphasizes that recent improvements in financial ratios reflect increased operational efficiency. "In addition to stabilizing our business pace, the updated loan repayment schedule will ease our debt service burden, allowing us to retain more working capital for investment in vital areas such as process automation and technology enhancements," he explains.
Investing in Future Growth
This financial maneuver is expected to bolster the Company's competitive edge by investing in production automation, technology upgrades, and team development. The goal is to create a more efficient operation that assures stability and cultivates opportunities for increased competitiveness in the market.
Streamlined Operations and Enhanced Decision-Making
Furthermore, by reducing the number of creditors, Vilniaus Baldai anticipates a more expedited decision-making process concerning banking services. This can lead to lowered administrative expenses, which is vital in today’s fast-paced business environment.
Recent Financial Performance Metrics
During the period from September 2023 to May 2024, the revenue for Vilniaus Baldai AB and its subsidiaries, referred to as “the Group”, reached 71.812 million EUR. This figure indicates steady performance relative to the same timeframe in the previous financial year. Additionally, the Group reported a net profit of 7.902 million EUR and an EBITDA of 12.914 million EUR.
Comparison with Prior Year’s Data
In contrast, the previous year from September 2022 to May 2023, the Group faced a net loss of 0.345 million EUR, with an EBITDA of merely 4.700 million EUR. This significant turnaround showcases the effectiveness of the Company’s recent initiatives.
Contact Information for Further Inquiries
For additional insights or inquiries regarding this development, interested parties can reach out to:
Head of Finance
Egidijus Žvaliauskas
Phone No: +370 5 2525700
Frequently Asked Questions
1. What is the purpose of the 30 million EUR financing?
The financing aims to refinance existing long-term financial liabilities to enhance stability and improve operational efficiency.
2. Who provided the financing?
The financing was secured from Šiauli? bankas AB.
3. What improvements does the Company expect from this financing?
Vilniaus Baldai expects to improve efficiency, reduce debt servicing costs, and invest in production automation and technology upgrades.
4. How has the Company’s recent financial performance been?
The Company reported stable revenue and a significant net profit during the last financial year, demonstrating effective operational changes.
5. How can I contact Vilniaus Baldai for more information?
Inquiries can be directed to Egidijus Žvaliauskas, the Head of Finance, at +370 5 2525700.
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