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VALMIERA GLASS GROUP’S consolidated net sales - EUR 119.5 million

GROUP’S consolidated net sales reach EUR 119.5 million in 2019

In 2019, the consolidated net sales of VALMIERAS STIKLA ŠĶIEDRA AS (hereinafter – the Company) and its subsidiaries (hereinafter – VALMIERA GLASS GROUP or the GROUP) amounted to EUR 119.5 million, demonstrating an increase of EUR 5.2 million or 4.6% compared to 2018 (y-o-y).

In 2019, the Company and its UK subsidiary - VALMIERA GLASS UK Ltd. - demonstrated good operating results. Nevertheless, they could not offset the losses incurred by the US subsidiary. Ultimately, in June 2019, the GROUP’s management decided to close the loss-making glass fiber manufacturing facility of the US subsidiary, and initiated Chapter 11 proceedings in the US. Simultaneously, in order to assure business continuity and restructure the financial liabilities of the GROUP, the Company initiated legal protection proceedings (LPP) in Latvia, and the Company’s legal protection plan was approved on 18 October 2019.

The initiation of Chapter 11 and LPP proceedings substantially increased the Company’s working capital requirements and triggered various legal and financial costs associated with the financial restructuring activities, which negatively affected the financial results of the Company and the GROUP for the year 2019.

In 2019, products manufactured by the Company were exported to 51 countries across the world, with an export share of 98%. The key sales markets of the GROUP were as follows: 68% of the total output was sold in EU countries, 21% in North America, 2% in CIS countries, and 9% in other export countries (incl. Switzerland, Japan, South Korea, UAE, etc.).

Across product segments, sales volumes increased for high added-value products, such as E-glass fiber textured fabrics and construction mesh, and non-woven materials with a thermal resistance of 600+°C, as well as for the high-content SiO2 glass fiber fabrics with a thermal resistance of 1000+°C. In other product segments, sales volumes to be considered as stable or decreasing. Within the GROUP, the largest increase in turnover was observed in the raw materials and thermal insulation product segments. In 2019 the GROUP continued to reduce sales of traded goods manufactured by third-party fiberglass manufacturers, and focus on internally produced high-margin products, manufacturing efficiency, and overall profitability.

In 2019, the GROUP employed on average 1 515 employees, of whom 1 120 were employed in Latvia, 134 in the United Kingdom, and the US subsidiary employed 261 employees on average.

On 23 October 2020, the Company published its separate and GROUP’s consolidated financial statements for the year 2019. The separate financial statements reflect the financial position and financial performance of AS VALMIERAS STIKLA ŠĶIEDRA. The consolidated financial statements of the GROUP provide information on the consolidated financial position and financial performance of all companies of VALMIERA GLASS GROUP. The Company’s auditors KPMG Baltics AS have issued separate independent auditors’ reports for each of these financial statements.

To view the listed reports below - click HERE.