In Hungary, the Group faces similar challenges as on its domestic market, i.e. with plummeting purchasing power and unfavourable consumer sentiment. It should be emphasised, however, that the scale and dynamics of inflation, which is largely the cause of these phenomena, is significantly higher in Hungary than in Poland. This affects both lower demand and renovation plans of local customers. Consequently, the Group’s revenues on the Hungarian market in H1 amounted to PLN 64.9 million, which accounts for 8.7% fall y/y (PLN 6.2 million).
In turn, on the Ukrainian market the Group generated revenues of PLN 40.8 million, i.e. as much as 57.5% (PLN 14.9 million) higher compared to the previous year. However, the performance of H1 of 2023 is incomparable to the one achieved in the same period last year, since for a significant part of the first half of the year (from February 24 to April 11 last year), Śnieżka-Ukraina stopped deliveries and suspended production.
During this period, revenues on the Hungarian market amounted to a 14.9% share in the total revenues of the Śnieżka Group (-2.7 %), whereas on the Ukrainian market – 9.4% (an increase of 3 %). On other foreign markets, where the Śnieżka Group’s products are sold, sales in total amounted to PLN 25.4 million, i.e. 14.4% higher than in the first six months of last year and accounted for 5.9% of the total Group’s revenues (increase by 0.4%).