Valmieras Stikla Skiedra Released Financial Report 2012 (Audited)
OREANDA-NEWS. In 2012 the JSC "Valmieras stikla skiedra” reached the highest sales during its existence - LVL 49.9 Million (EUR 71.01 Million), which is by 7% more than in 2011. The net profit of the Company has reached LVL 2.75 Million (EUR 3.91 Million), which is exceeds profit for 2011 by 79.7%.
The average price of the products sold by the Company in 2012 has grown by 4.54% comparing to 2011, which has been driven mainly by manufacturing of high added value products. Return on assets for 2012 is 8.0%, which is by 2.2 percentage points higher than in 2011, while the return on capital is 8.7% or by 2.9 percentage points more than in 2011.
In November 2012 the Company completed construction of new, already the third glass furnace, which will provide additional production capacity and enhance the quality of glass fibre. Total investment in construction amounted to LVL 4.57 Million (EUR 6.5 Million), which was financed by funding of Investment and Development Agency of Latvia in amount of LVL 976 Thousands (EUR 1.39 Millions) and the Company’s own investment of LVL 3.6 Million (EUR 5.12 Millions).
In 2013 it is planned to invest LVL 7.1 Million (EUR 10.1 Million) in the development of the Company, including investments in new equipment, modernization of existing technological solutions and a new warehouse in order to increase the production capacity.
Considering the market development trends and the results of the Company, the management of AS “Valmieras stikla skiedra” prognoses that sales for 2013 could reach LVL 63.13 Million (EUR 89.82 Million).
To secure and increase the understanding of investors, cooperation partners, clients and society about the company, its activities and governance, JSC "Valmieras stikla skiedra” audited financial statement of 2012 is submitted to “NASDAQ OMX Riga” together with Corporate Governance Report of the year of 2012.