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International Internet Magazine. Baltic States news & analytics Friday, 21.06.2024, 15:06

Turnover of Valmieras Stikla Skiedra down 21% in 9 months

BC, Riga, 01.12.2020.Print version
Valmieras Stikla Skiedra fiber glass producer in the first nine months of this year generated EUR 78.3 million in turnover, down 21% from the respective period last year, while the group's loss shrank 42% to EUR 3.5 million, writes LETA, according to the company's report to Nasdaq Riga.

The concern's parent company Valmieras Stikla Skiedra posted EUR 66.4 million in turnover, down 7.5%.

Valmieras Stikla Skiedra group's EBITDA accounted for EUR 12.4 million, growing threefold from the respective period last year, while parent company's EBITDA was EUR 13.089 million, down 3.7% year-on-year.

In the first nine months of 2020, products manufactured by Valmieras Stikla Skiedra, the parent company of the group, were exported to 48 countries across the world, with the export share of 96%. 

The key sales markets of the group in the reporting period were as follows: 71% of the total output were sold in the European Union and the UK, 11% in North America, 3% in CIS countries and 15% in other export countries, including Switzerland, Japan, South Korea, UAE, Australia.

Due to coronavirus (COVID-19) related shifts in the market, the company has revised its budget and estimates sales decrease by overall 20% for 2020, reaching the most significant decrease in May and June. Although by reducing prices company increased sales volumes in the third quarter of this year, the company still expects declining sales in automotive and composite segments in the markets of Asia and Europe, as well as significant decrease of demand in the construction segment in Italy, Spain, France and Eastern Europe, meanwhile moderate decrease in other European countries. Moderate decrease is observed and also further estimated for thermal insulation segment. It is also expected other regions – North America and CIS - to negatively affect sales as an outcome of the virus restricting measures.

In the first nine months of 2020 the group employed on average 1,348 employees, of which 1,167 were employed by the company. The UK subsidiary employed on average 128 employees and the US subsidiary employed on average 53 employees.

As reported, Valmieras Stikla Skiedra fiberglass producer closed 2019 with EUR 122.013 million in turnover, while the concern's loss reached EUR 14.383 million.

Valmieras Stikla Skiedra group comprises the parent company Valmieras Stikla Skiedra and its three subsidiaries: Valmiera Glass UK Ltd. in the United Kingdom, Valmiera Glass USA Corp. and Valmiera Glass USA Trading Corp. in the United States. Valmieras Stikla Skiedra shares are quoted on the Secondary List of the Nasdaq Riga stock exchange.

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