The consolidated net sales of VALMIERAS STIKLA ŠĶIEDRA, AS and its subsidiaries (hereinafter – VALMIERA GLASS GROUP or the GROUP) in the first nine months of 2019 have reached 99.1 million euros. Compared to the sales of the GROUP in the same period of year 2018 it has increased by 8 million euros or 9% (y-o-y). VALMIERA STIKLA SKIEDRA AS standalone net sales in the first nine months of 2019 were 71.8 million (+0.5% vs 9M 2018), VALMIERA GLASS UK Ltd. net sales were 18.8 million and P-D VALMIERA GLASS USA Corp. reached 20.2 million.
The GROUP’s EBITDA was €4 million, which is a decrease by €855 thousand (-18% vs 9M 2018), EBIT increased by €2.6 million (+40% vs 9M 2018) million and net profit remained negative indicating €6.1 million loss, yet showed positive tendency and improved by €2.7 million (+30% vs 9M 2018). Decline is caused by P-D VALMIERA GLASS USA Corp. results – in the nine months of this year USA subsidiary experienced loss of €11 million. Meanwhile, companies in Latvia and UK demonstrated positive results: VALMIERA STIKLA SKIEDRA AS worked with Net profit of €2.8 million and VALMIERA GLASS UK Ltd. with a net profit of €2 million. GROUP’s EBITDA margin in period was 4.0%, while the net profit margin was -6.1% and ROCE of 13.8%.
During the reporting period products manufactured by VALMIERAS STIKLA ŠĶIEDRA AS, the parent company of the GROUP, were exported to 47 countries around the world, representing an export-linked share of 98%. The key sales markets of the VALMIERA GLASS GROUP have remained similar to prior periods: 69% of the total output was sold in European Union countries, 13% in North America, 3% in CIS countries and 15% in other export countries (incl. South Korea, Japan, Switzerland, Japan, Australia, UAE, etc.).
Across product segments, sales volumes increased for high value-added products, such as E-glass fibre textured fabrics and construction mesh with a thermal resistance of 600+°C, as well as for the high-content SiO2 glass fibre fabrics with a thermal resistance of 1000+°C. In other product segments, the sales volumes are considered as stable or with a decrease.
In the nine months of 2019 VALMIERA GLASS GROUP employed on average 1 539 employees.
About VALMIERA GLASS GROUP:
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 55 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.
AS VALMIERAS STIKLA ŠĶIEDRA
Tel.: +371 64202216