AS VALMIERAS STIKLA ŠĶIEDRA concludes the first quarter with a consolidated net turnover of 31.2 million euros

The consolidated net turnover of AS VALMIERAS STIKLA ŠĶIEDRA and its subsidiaries (hereinafter - VALMIERA GLASS GROUP or the GROUP) in the first three months of this year was 31.2 million euro according to the unaudited consolidated AS VALMIERAS STIKLA ŠĶIEDRA Q1 2018 financial information. The net turnover decreased by 4.4 million euro, or 12%, compared to the same period in 2017.

The GROUP’s EBITDA decreased by 10% or 546 thousand euro, compared to the 1st quarter in 2017, forming 5.1 million euro. The EBITDA margin grew by 0.5% year-on-year from 15.9% to 16.4%, meanwhile the EBIT decreased from 8% to 6% due to the start-up cost of the new US operation. For the same reason and the additional financing costs the GROUP’s unaudited consolidated net profit was 1.05 million euro, which is a 1.3 million euro year-on-year decrease.

Due to continued strong demand in the fiberglass market and availability of the new capacity in the US, the Company expects a strong increase in sales to EUR 162.4 million in 2018. The plant was started in January 2018 and produced after the first initial difficulties since middle of March sellable goods. The installed capacities of 50,000 tons are to be fully utilized by the end of the year.

About VALMIERA GLASS GROUP:
VALMIERAS STIKLA ŠĶIEDRA, AS and its subsidiaries (hereinafter referred to as VALMIERA GLASS GROUP or the GROUP) is one of the leading glass fibre manufacturers in Europe. VALMIERA GLASS GROUP companies operate in three countries on two continents: Latvia, the United Kingdom and the United States of America. VALMIERAS STIKLA ŠĶIEDRA, AS production facilities have more than 50 years of experience in the production of glass fibre, and their products are aimed at various industrial markets. The GROUP consists of four companies: the parent company VALMIERAS STIKLA ŠĶIEDRA, AS and its three subsidiary companies – VALMIERA GLASS UK Ltd. in the United Kingdom, P-D VALMIERA GLASS USA Corp. and VALMIERA GLASS USA Trading Corp. in the United States of America.

Contacts:
VALMIERAS STIKLA ŠĶIEDRA, AS
Phone: +371 6420 2216
E-mail: latvia@valmiera-glass.com
Additional information: www.valmiera-glass.com