Published: 2019-08-30 20:31:11 CEST
Valmieras stikla škiedra
Half Year financial report

Unaudited consolidated financial report of VALMIERAS STIKLA ŠĶIEDRA, AS for 6 months period ended 30 June 2019

VALMIERAS STIKLA ŠĶIEDRA, AS consolidated net sales reach EUR 70.94 million

The consolidated net sales of VALMIERAS STIKLA ŠĶIEDRA, AS and its subsidiaries (hereinafter – VALMIERA GLASS GROUP or the GROUP) in the first half of 2019 have reached 70.94 million euros. Compared to the sales of the GROUP in the same period of year 2018 it has increased by 10 million euros. VALMIERA STIKLA SKIEDRA AS Net sales in the first six months of 2019 were 48.3 million (-0.35% vs 6M 2018), VALMIERA GLASS UK Ltd. experienced growth in Net sales by 7.77% and P-D VALMIERA GLASS USA Corp. reached 18 million or 56% increase compared to same period in 2018.

The GROUP’s EBITDA, EBIT and Net profit show decline in GROUP’s results, all three metrics have declined in comparison with first half of 2018. EBITDA has declined by €6.61 million (-122%), EBIT by €4.51 (-243%) million and Net profit by €4.61 million (-164%). Decline is caused by P-D VALMIERA GLASS USA Corp. results – in the first half of year USA subsidiary experienced loss of €11.8 million. Meanwhile, companies in Latvia and UK demonstrated stable and positive results: VALMIERA STIKLA SKIEDRA AS worked with profit of €2.43 million and VALMIERA GLASS UK Ltd. with profit of €1.43 million. EBITDA margin in period was -1.65%, GROUP’s net profit margin was -10.5% and ROCE of -16.38%.

In the first half of 2019, products manufactured by VALMIERAS STIKLA ŠĶIEDRA AS, the parent company of the GROUP, were exported to 45 countries across the world, with the export share of 97%. The key sales markets of the VALMIERA GLASS GROUP have remained the same, but slightly changed split: 63% of the total output was sold in European Union countries, 15% in North America, 3% in CIS countries and 19% in other export countries (incl. Switzerland, Japan, South Korea, UAE, etc.). The highest increase in the first six months for VALMIERA GLASS GROUP was sales in North America, which compared with first half of 2018 increased by 82%. In total GROUP sales volumes in first half of the year were 16% higher than the same period in 2018.

In the first half of 2019 VALMIERA GLASS GROUP employed on average 1 326 employees, in each company accordingly: VALMIERA STIKLA ŠĶIEDRA, AS – 1 116, VALMIERA GLASS UK Ltd. – 133 and P-D VALMIERA GLASS USA Corp. – 77.


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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