Published: 2019-08-30 19:50:19 CEST
Valmieras stikla škiedra
Interim report (Q1 and Q3)

Unaudited consolidated financial information of AS VALMIERAS STIKLA ŠĶIEDRA for the 3 months period ended 31 March 2019

AS VALMIERAS STIKLA ŠĶIEDRA concludes the first quarter with a consolidated net turnover of 35.8 million euros

The consolidated net turnover of AS VALMIERAS STIKLA ŠĶIEDRA and its subsidiaries (hereinafter - VALMIERA GLASS GROUP or the GROUP) in the first three months of this year was 35.8 million euro according to the unaudited consolidated AS VALMIERAS STIKLA ŠĶIEDRA Q1 2019 financial information. The net turnover increased by 4.59 million euro or 15%, compared to the same period in 2018.

The GROUP’s EBITDA, EBIT and Net profit indicate decline, all three metrics have decreased significantly in comparison with the 1st quarter of 2018. EBITDA has declined by €4.96 million (-97%), EBIT by €4.43 million (-228%) and Net profit by €3.62 million (-344%). Decrease is mainly caused by P-D VALMIERA GLASS USA Corp. results – in the 1st quarter of 2019 USA entity experienced loss of €5.13 million. AS VALMIERAS STIKLA ŠĶIEDRA worked with Net profit of €1.91 million and VALMIERA GLASS UK Ltd. indicated profit of €0.47 million. Meanwhile, EBITDA margin in period was 0.45%, GROUP’s net profit margin was -7.18% and ROCE of -5.68%.

In the first quarter products by VALMIERAS STIKLA ŠĶIEDRA AS, the parent company of the GROUP, were exported to 43 countries across the world, with the export share reaching 98%. The key sales markets of the VALMIERA GLASS GROUP have remained the same: 62% of the total output was sold in European Union countries, 22% in North America, 1% in CIS countries and 15% in other export countries (incl. Switzerland, Japan, South Korea, UAE, etc.). In total GROUP sales volumes in first quarter were 22% higher than the same period in 2018.

Sales volumes increased for E-glass impregnated and loom state mesh, non-woven materials with a thermal resistance of 600+°C, as well as for the high-content SiO2 glass fibre non-woven materials with a thermal resistance of 1000+°C. Sales of these products increased by 10% compared to the same period in 2018. In other product segments, the sales volumes are considered as stable or with a slight decrease.

VALMIERAS STIKLA ŠĶIEDRA, AS and its subsidiaries (hereinafter – VALMIERA GLASS GROUP or the GROUP) is one of the leading glass fibre manufacturers in Europe, with more than 50 years of experience in fiberglass production. VALMIERA GLASS GROUP's core business areas are glass fibre research, glass fibre product development, production and trade. VALMIERA GLASS GROUP is the only group in the world with a vertically integrated structure and a wide range of glass fibre products for the thermal insulation market with a temperature resistance up to 1250°C.

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