Consolidated and separate financial statements for

The consolidated net sales of the Group in the year 2016 has reached EUR 124.8 Million. Compared to the result of the Group in the year 2015 it has increased by EUR 3.6 Million or 2.6%, given the strong performance of sales in all principal markets and confirming continuous trend of sales growth since 2010. The consolidated net profit of the Group in the year 2016 was EUR 4.8 million, or EUR 0.68 million less compared to the audited net profit of the Group in the year 2015.

The consolidated operating profit (EBITDA) was EUR 17.82 Million and that is EUR 1.67 Million or 10% more than in the year 2015, and just below the record EUR 17.76 Million reached in 2014. The EBITDA margin increased as well to 14% from 13% in 2015. The earnings before interest and taxes (EBIT) reached EUR 7.27 Million and that is EUR 0.4 Million or 6% more than in the year 2015.

In the 12 months of 2016, products made by Valmieras stikla šķiedra JSC were exported to 41 countries around the world, and export volume grew 97%. In 2016, the Group experienced a record number of orders for its products; the demand for glass fibre products was extremely high, more than the Group was able to supply to its customers, with its overall production capacity possibilities. The 4th quarter sales of 2016 were strong and the Group continued to strengthen its positions in the current markets. In 2016, the main export markets remained the same: European Union countries (76%), North America (11%) and other export countries.

Considering the positive growth trends in the global glass fibre market, the ever more rapidly developing fibreglass industry, and the notably high demand for glass fibre products, the management of the joint stock company predicts that the Group’s consolidated net sales in 2017 will reach from EUR 135 to EUR 142 million, and the consolidated net profit from EUR 9.5 million to EUR 10 million.

The growth of Valmieras stikla šķiedra JSC, since the establishment of Valmiera Glass Group in 2013, till 2016 has also been reflected in its share price at the Nasdaq Riga stock exchange. In this period, the share price grew by more than 157%. In 2016, the share price fluctuated between EUR 2.76 (lowest share price) and EUR 3.80 (highest share price). In the reporting period, the average share price was EUR 3.35, and the company’s capitalization as of 31.12.2016 was EUR 74.34 million.

In order to familiarise investors, partners, clients and the company with Valmieras stikla šķiedra JSC, its operation and management, a Report on Corporate Governance for the Year 2016 was submitted to NASDAQ Riga along with the Revised Report of Valmieras stikla šķiedra JSC for the Year 2016.

About Valmiera Glass Group: Valmieras stikla šķiedra JSC and its subsidiaries (hereinafter referred to as the 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 JSC production facilities have more than eighty years of experience in textile processing, and their products are aimed at various industrial markets. The Group consists of four companies: the parent company Valmieras stikla šķiedra JSC 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:          Marika Nīmante          JSC „Valmieras stikla šķiedra” marketing project manager          Phone: +371 64202276, +371 26635509          Fax: +371 64281216          E-mail: Marika.Nimante@valmiera-glass.com          More information about company: www.valmiera-glass.com