Published: 2018-11-23 15:23:58 CET
Valmieras stikla škiedra
Interim report (Q1 and Q3)

AS VALMIERAS STIKLA ŠĶIEDRA non-audited consolidated financial information for the 1st-3rd quarters (nine months) of 2018

Due to various current events in the company’s activity, the Management Board of AS VALMIERAS STIKLA ŠĶIEDRA has decided to publish the financial results for the first three quarters (nine months) of 2018 earlier than the planned date. During the last couple of months, the company has been stepping up its efforts to increase the volume of production at the US plant of P-D VALMIERA GLASS USA Corp. Systematic work has been done to eliminate various construction and assembly defects, and extensive work has been invested into personnel recruiting and training.

The first results of this work have only become noticeable in the last two weeks. At the same time, the company’s Management Board forecasts that it will be possible to attain positive trends at the US company P-D VALMIERA GLASS USA Corp. as late as July 2019 and that the profits of VALMIERA GLASS GROUP will be adversely affected until this date. Therefore, the Management Board has reassessed VALMIERA GLASS GROUP’s financial results forecast for 2018, estimating EBITDA of EUR 5.5 million and a total loss of EUR 12.5 million.

The Management Board is confident that, with assistance from financers, owners, consultants and employees, the financial and operational situation of P-D VALMIERA GLASS USA Corp. will improve as soon as during the first quarters of 2019 and that a positive profit from July 2019 onwards will reduce the losses sustained in 2018 and will enable VALMIERA GLASS GROUP to make a profit.

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.

Additional information:
Tel.: +371 64202216