Baltic Export, Good for Business, Latvia, Markets and Companies

The company's turnover increased EUR 19.91 million or 23% in 2014 as compared to 2013.

The net profit of Valmiera Glass Group amounted to EUR 7.16 million, 40% up on 2013.

Parent company Valmieras stikla skiedra (Valmiera Fiberglass) posted EUR 91.7 million in sales and EUR 7.03 million in profit last year.

Investments in development of the Group in 2014 amounted to EUR 13.5 million, which includes purchase of new equipment, modernization of existing technical and technological solutions and new product development with the purpose to increase Group's production capacity as well as establishment of new factory in the United States.

The most significant development in 2014 was the establishment of subsidiaries in the United States. Operation of both companies in the United States will ensure closer availability of the products to clients, decrease delivery time, increase profitability in the long run and closer working relationships with main clients. It is expected to provide new opportunities for business growth and strengthen the Group's position in the global glass fiber market.

The products of Valmieras stikla skiedra are sold in 39 countries, and export contributes 97% of total sales of the company. Main export markets are countries of the European Union (72%, increase by 11% in comparison to prior year) and North America. Export markets in the Middle East and Asia region have developed substantially.

From product segment perspective, sales volumes have increased for high added value products: high silicon dioxide content glass fiber products, glass fiber sieves, technical fabrics and non-woven products. On average, in 2014 these products have been sold by 16% more than in 2013. Sales volumes of other product segments have also shown stable growth.

The average number of employees of the Group in 2014 was 1,098, of which the number of employees at Valmieras stikla skiedra was 945. Subsidiary Valmiera Glass UK had 148 employees on average, Valmiera Glass USA Corp. – five. Overall, the number of employees of the Group has increased in comparison to the same period last year.

In January 2015, Valmieras stikla skiedra's non-consolidated sales reached record-high EUR 8.6 million – 6% increase on last January.

Considering the market development trends and the results of Valmieras stikla skiedra and its subsidiaries, the management of the Group plans that sales of Valmiera Glass Group for 2015 could reach EUR 127.7 million and Group's net profit for 2015 could amount to EUR 10.77 million.

EUR 8 million is to be invested in the development and modernization of Valmieras stikla skiedra in 2015, including more than EUR 2 million that will be invested in new environmental protection technologies.

Valmieras stikla skiedra was established in December 1996. The company's largest shareholders are Vitrulan International GmbH with 36.20% of shares, P-D Glasseiden Oschatz GmbH – 26%, P-D Management Industries-Technologies GmbH – 23.93%.