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About the independent auditors’ report on the audited consolidated and separate financial statements for year 2018
Emitents Valmieras stikla šķiedra, AS (5493006XWNR6BLL15O35)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Versija
Datums 2019-12-11 16:14:44
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The Board of AS VALMIERAS STIKLA ŠĶIEDRA (registration No. 40003031676, registered address Cempu 13, Valmiera, LV-4201) wants to ensure as precise and open information as possible to its shareholders, investors and other stakeholders and, taking into account keen interest of the audiences to the report published on 6 December 2019, the Board provides additional clarification in respect of the audited consolidated and separate financial statements for year 2018, and the relevant independent auditors’ reports.

The management of AS VALMIERAS STIKLA ŠĶIEDRA explains that the annual report published on 6 December 2019 contains two sets of financial statements, i.e. the separate financial statements of AS VALMIERAS STIKLA ŠĶIEDRA and the consolidated financial statements of the GROUP. 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. Separate independent auditors’ reports have been issued for each of these financial statements.

The auditors issued a disclaimer of opinion only and solely on the consolidated financial statements of the GROUP. The GROUP is composed of 3 companies, i.e. AS VALMIERAS STIKLA ŠĶIEDRA (Latvia), VALMIERA GLASS UK Ltd. (UK) and P-D VALMIERA GLASS USA Corp. (USA), and financial information of each of these companies is significant for preparation of the consolidated financial statements. The disclaimer was issued due to the fact that no independent auditor’s report on the financial statements of P-D VALMIERA GLASS USA Corp. had been issued as the result of initiation of legal protection proceedings of the subsidiary on 17 June 2019 (Chapter 11). Therefore, KPMG Baltics AS, the auditors of AS VALMIERAS STIKLA ŠĶIEDRA, could not perform audit procedures to satisfy themselves regarding the financial information of P-D VALMIERA GLASS USA Corp. as at and for the year ended 31 December 2018 included in the consolidated financial statements of the GROUP, and could not issue an opinion on the consolidated financial statements as a whole.

In addition, AS VALMIERAS STIKLA ŠĶIEDRA Board notes that the auditors’ opinion on the separate financial statements of AS VALMIERAS STIKLA ŠĶIEDRA contains a qualification on the amount of impairment losses recognized against the entire stated amounts of the investment in P-D VALMIERA GLASS USA Corp. and loans to and receivables from the subsidiary. Such impairment allowances were recognized taking into account the subsidiary’s financial position and financial performance as at and for the year ended 31 December 2018, since the management of AS VALMIERAS STIKLA ŠĶIEDRA consider the investments, loans and receivables non recoverable in the circumstances. The auditors’ report was qualified, because KPMG Baltics AS, the auditors of AS VALMIERAS STIKLA ŠĶIEDRA, had been unable to satisfy themselves regarding the financial information of P-D VALMIERA GLASS USA Corp. as at and for the year ended 31 December 2018 to validate the assumptions of the management of AS VALMIERAS STIKLA ŠĶIEDRA, as the financial statements of P-D VALMIERA GLASS USA Corp. for year 2018 were unaudited due to the above mentioned circumstances.

The management of AS VALMIERAS STIKLA ŠĶIEDRA notes that the qualification of the auditors’ opinion does not indicate that the company’s financial position and financial performance as at and for the year ended 31 December 2018 might be worse than disclosed in the audited separate financial statements of AS VALMIERAS STIKLA ŠĶIEDRA. On the contrary, if the amount of recognized impairment losses was lower, it would have a positive impact on the financial position and financial performance as at and for the year ended 31 December 2018.

 

About VALMIERA GLASS GROUP:

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.

Additional information:
AS VALMIERAS STIKLA ŠĶIEDRA
Tel.: +371 64202216
E-mail: latvia@valmiera-glass.com
www.valmiera-glass.com

 
 
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