General meeting of Steklarna Hrastnik
General meeting of Steklarna Hrastnik reviews 2024 business performance and approves mutual termination of contract with Matevž Fazarinc, Former CEO – Peter Čas appointed as Interim CEO
Hrastnik, January 6, 2025 – The General Meeting of Steklarna Hrastnik, a member of Vaider Group, reviewed the preliminary business results for 2024 at today’s session. According to the results, the company is expected to achieve €62 million in sales revenue (-32% compared to 2023), €13 million EBITDA (-60% compared to 2023), and €0.5 million net profit. Despite the drop, the achieved 20% EBITDA margin remains above the industry average, reflecting the sustainability of the company’s business model. The decline in key indicators is primarily attributed to a significant drop in demand in international markets, which has persisted since the end of 2023.
The General Meeting also reviewed and approved the mutual termination of the contract with Matevž Fazarinc, the company’s former CEO, due to differences in views regarding the future development strategy of Steklarna Hrastnik. Peter Čas, who previously led the company successfully from 2017 to July 2024, will take over as interim CEO.
The 2024 business results were not unexpected, as the company had already implemented necessary measures at the end of 2023 to optimize production and stabilize operations amid significantly changed external conditions, particularly declining demand in key European markets. Given that 99% of Steklarna Hrastnik’s revenue comes from exports, European market demand is critical for production capacity utilization and overall business performance.
“While we have seen a gradual recovery in demand since last year’s spring, it remains far below the levels of 2022 and 2023. Production is currently operating at approximately 65–70% capacity, and forecasts suggest this will remain the case for most of the new year. Nevertheless, we are not implementing layoffs or significant workforce reductions, as we recognize the importance of preserving as many jobs as possible. However, further short-term and decisive measures will be necessary to streamline and optimize processes and production. This includes the rapid development and launch of new product programs. This is not just a task for management but a collective effort from all employees. Ensuring this will be my top priority during my interim leadership of the company,” emphasized Peter Čas after the General Meeting’s decisions.
The General Meeting also resolved to immediately initiate an international recruitment process to appoint a new CEO. Peter Čas does not intend to seek a full-term appointment and will return to his advisory role and focus on strategic development at the Vaider Group level once a new CEO with full executive authority is appointed.