Audited annual report of AS VALMIERAS STIKLA ŠĶIEDRA for 2019

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24.10.2020, 00:36  |  159   |   |   

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

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). VALMIERA STIKLA SKIEDRA AS standalone net sales in 2019 amounted to EUR 88.7 million (-2% vs 2018).

Key financial indicators of the GROUP over the three-year period 2017-2019:

TEUR 2017 2018 2019
Net sales 125 864 114 245 119 483
EBITDA 18 441 (99 045) 9 142
EBIT 7 317 (113 607) (2 053)
Net profit/ -loss attributable to the owners of the parent company 7 053 (58 233) (3 802)
Sales growth 0.8% -9.2% 4.6%
EBITDA margin 14.7% -86.7% 7.7%
EBIT margin 5.8% -99.4% -1.7%
Net profit margin 5.6% -51.0% -3.2%
Earnings per share (EUR) 0.2951 (2.3807) (0.1590)

In 2019, the Company and its UK subsidiary 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 fibre 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.

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Audited annual report of AS VALMIERAS STIKLA ŠĶIEDRA for 2019 VALMIERA GLASS GROUP’S consolidated net sales - EUR 119.5 million 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 …

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