On 15th of December, 2011 for the sevenths consecutive year The Ministry of Economics of the Republic of Latvia and Investment and Development Agency of Latvia organized a contest for entrepreneurs: “Export and Innovation Awards 2011”. The awards were divided in to five different categories and JSC “Valmieras stikla šķiedra” this year got the highest award – export champions in Latvia 2011.  

The company announces that sales volume in 11 months of 2011 has reached 45,5 mill. LVL or 20% more than last year. Net profit 1 659 143 LVL or 275% more than last year and exceeds planned profit of year 2011.

The company’s Board meeting was held on 9th of December, 2011. Budget of 2012 was approved with following parameters:

Turnover 54,7 mill. LVL, or 37% growth against 2010 turnover

Net profit 2,6 mill. LVL, or 473% growth against 2010 profit

The company is planning to reach following profitability indicators:

EBITDA - 9,2 mill. LVL, 17,5% from net turnover

Return on assets – 4,1%

Return on equity – 8%

Planned amount of investments in 2012 are 5,3 mill. LVL, including 3,5 mill. LVL for realization of a new glass furnace investment project. The company is planning to sign agreement with Investment and Development Agency of Latvia.

In 2012 the company is planning to reduce the amount of its debt to credit institutions and achieve ratio to equity - 70%.

         Inita Martinsone

         +371 64202242

         +371 29338802

         initam@vss.lv