Valmieras stikla škiedra
Additional financial insights: H1 2019
The Management Board of AS VALMIERAS STIKLA ŠĶIEDRA (the ‘Company’, with registration no: 40003031676, legal address: Cempu iela 13, Valmiera, LV-4201) is providing additional financial insights to those published on June 18, 2019 [here] for the purposes of helping its shareholders and other stakeholders better understand the present financial picture of the Company’s operations.
The attachment provides important financial highlights of the first 6 months of the year for the Latvian and UK-based operations, which have been consistently profitable and cash-producing in recent years. It is important to note that this data has been sourced from internal management systems, is unaudited and may not fully reconcile with actual published reports due to varying treatment of exchange rates and other factors.
The US operations are currently placed into legal protection proceedings pursuant to US law (Chapter 11 proceedings). Although the Phase II (the vertically-integrated fibreglass yarn producing facility) operations in the US have been suspended, the Phase I operations (a needle mat facility) continue to operate as they are independent of Phase II and have been historically profitable from the second year of operations.
The application for the Legal Protection Proceedings (’LPP’) made in Latvia and adopted by Vidzeme District Court [here] was effectively due to a financial guarantee relating to the US operations.
Latvian company management continues to cooperate with various creditors with the aim of reaching agreement on the procedure to meet liabilities of all creditors.
As a reminder, the publishing of the audited annual report for 2018 has been delayed. More information can be found in this June 17, 2019 announcement [here].
About VALMIERA GLASS GROUP: VALMIERAS STIKLA ŠĶIEDRA, AS and its subsidiaries (hereinafter – VALMIERA GLASS 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 6420 2216