FIMA, a smart infrastructure solutions company, recorded a consolidated group revenue of €83 million for 2018, representing a 27% increase over 2017, and achieved significant increase in profitability. With the financial backing of its majority shareholder, U.S. based MVC Capital, Inc. (NYSE: MVC), FIMA plans further expansion in 2019, forecasting revenue exceeding EUR 100 million as it enters new untapped markets.
Vytautas Zinkevičius, the CEO of FIMA, stated that the company has achieved these strong results despite strong competition and significant delays in deployment of EU funds into further modernization of the public infrastructure of Lithuania and Latvia. In 2018 FIMA enhanced its strategy and operating model focusing on its most profitable business lines and creating a more agile, flexible and more cost effective structure. The EBITDA of the FIMA Group exceeded €5 million in 2018.
“We implemented a new strategy, organization structure and operating model to adapt to the changing market while maintaining core capabilities and required capacity to carry out large-scale projects of strategic importance. By focusing on new performance evaluation, enhancing project management capabilities and processes, and modernizing back-office processes, FIMA is well-positioned to continue its growth,” – said Mr. Zinkevičius.
“FIMA’s new strategy, recent contract wins and superior results as witnessed by the material work mentioned above have transformed the Company,” said Michael Tokarz, Chairman & Portfolio Manager of MVC Capital, FIMA’s majority investor. “We are encouraged by FIMA’s strong backlog in its existing markets and look forward to seeing its growth in Europe through future projects”.
Among the most significant contracts signed by FIMA Group last year were the modernization of the traffic control systems in the E20 rail line in Poland, modernization of traffic control, power supply and telecommunications systems along rail line 287, section Nysa - Opole (Poland), installation of system management and data center infrastructure for Lithuanian electricity transmission system operator LITGRID, modernization of the precision landing system at the Zokniai Aviation Base by Lithuanian Air Force, installation of the border surveillance system for the Lavoriškės cordon on Lithuanian-Belarus border, installation of the speed control and warning systems for Panevėžys bypass in Lithuania, modernization of rail infrastructure at Liepaja Port (Latvia) and many more.
The FIMA Group currently includes FIMA UAB, FIMA SIA (Latvia), FIMA Polska and Krakowskie Zaklady Automatyki (both in Poland). MVC Capital, a fund listed in the New York Stock Exchange, retains its majority stake in the group. FIMA Group employs 552 professionals.
FIMA is the leading smart infrastructure solutions company in the Baltic Sea region, taking part in the most significant public and private infrastructure modernization projects. By applying technological innovation, the company offers solutions for information communications and technologies, safety, automation, building infrastructure, transport and energy. FIMA headquarters are based in Lithuania, Vilnius; subsidiaries operate in Latvia and Poland.
