The consolidated net turnover of the Group in the year 2014 has reached EUR 108.7 Million. That is the highest net turnover reached in the company since it was founded. It has increased by EUR 20.2 Million or 23% compared to the Groups consolidated net turnover in the 2013. The consolidated net profit of the Group in the year 2014 has reached EUR 7.59 Million and that is 49% more compared to the Groups net profit in 2013. Net profit per share in the year 2014 reaches EUR 0.3176 and that is the highest index during existence of the company.
The production of JSC Valmieras stikla šķiedra is being sold in 39 countries all over the world, reaching 97% export capacity. The main sales markets of JSC “Valmieras stikla šķiedra” are: the countries of the European Union (72%, an increase of 11% compared with the same period last year) and North America. Middle East and Asia region export market significantly evolve.
Statement of profit and loss
For the period ended December 31st 2014 and December 31s 2013
| 31.12.2014 | 31.12.2013 | ||
| EUR | EUR | ||
| Sales | 108 698 544 | 88 532 563 | |
| Change in inventories | 5 297 394 | 1 562 995 | |
| Other operating income | 812 492 | 1 672 217 | |
| Raw materials and consumables | (57 175 577) | (48 052 301) | |
| Personnel expenses | (21 319 658) | (15 231 761) | |
| Depreciation and amortization | (9 513 596) | (8 584 144) | |
| Other operating expenses | (18 099 702) | (13 873 342) | |
| Operating profit | 8 699 897 | 6 026 227 | |
| Interest and similar income | 856 156 | 879 280 | |
| Interest and similar expenses | (1 738 289) | (1 672 757) | |
| Profit from operations and before tax | 7 817 764 | 5 232 750 | |
| Corporate income tax | (225 236) | (129 287 | |
| Net profit | 7 592 528 | 5 103 463 | |
| Profit per share applicable to the parent company’s shareholders | 0.3014 | 0.2101 | |
| Profit per share | 0.3176 | 0.2135 |
Balance Sheet (ASSETS)
As at December 31st 2014 and December 31st 2013
| 31.12.2014 | 31.12.2013 | ||
| EUR | EUR | ||
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Patents, licenses, trade mark and similar rights | 470 179 | 51 435 | |
| Costs of establishment of intangible investments | - | 156 937 | |
| Goodwill | 3 930 822 | 3 930 822 | |
| Total intangible assets | 4 401 001 | 4 139 194 | |
| Tangible fixed assets | |||
| Land and buildings | 13 974 563 | 11 960 567 | |
| Equipment and machinery | 45 732 132 | 48 408 104 | |
| Other fixed assets | 922 977 | 810 959 | |
| Constructions in progress | 7 605 917 | 3 659 184 | |
| Advance payments for fixed assets | 3 960 646 | 764 663 | |
| Total fixed assets | 72 196 236 | 65 603 477 | |
| Deferred tax assets | 1 214 908 | 1 088 889 | |
| Total non-current assets | 77 812 145 | 70 831 560 | |
| Current assets | |||
| Inventory | |||
| Raw materials | 10 077 153 | 9 099 129 | |
| Work in progress | 4 604 407 | 2 730 162 | |
| Finished goods | 15 777 253 | 12 165 063 | |
| Advance payments for inventories | 289 583 | 79 470 | |
| Total inventory | 30 748 395 | 24 073 824 | |
| Accounts receivable | |||
| Trade receivables | 11 711 664 | 12 537 181 | |
| Other receivables | 603 949 | 942 704 | |
| Deferred expenses | 423 474 | 214 350 | |
| Total accounts receivable | 12 739 086 | 13 694 235 | |
| Cash and cash equivalents | 1 136 950 | 1 175 121 | |
| Total current assets | 44 624 432 | 38 943 180 | |
| TOTAL ASSETS | 122 436 577 | 109 774 740 |
Balance Sheet (Liabilities)
As at December 31st 2014 and December 31st 2013
| 31.12.2014 | 31.12.2014 | ||
| EUR | EUR | ||
| Liabilities & SHAREHOLDERS’ EQUITY | |||
| Shareholders’ equity | |||
| Share capital | 33 464 487 | 34 011 197 | |
| Other reserves | 1 625 288 | 475 201 | |
| Retained earnings: | |||
| a) Retained earnings | 11 453 637 | 8 358 044 | |
| b) Current year profit | 7 592 528 | 5 103 463 | |
| Total shareholders’ equity | 54 135 941 | 47 947 905 | |
| Liabilities | |||
| Non-current liabilities | |||
| Due to credit institutions | 28 914 993 | 25 714 109 | |
| Finance lease | 191 322 | 130 773 | |
| Deferred tax | 754 869 | 411 466 | |
| Retirement benefit obligation | 3 776 997 | 4 450 074 | |
| Deferred income | 3 021 278 | 1 267 868 | |
| Embedded derivatives | 1 250 139 | 1 625 836 | |
| Total non-current liabilities | 37 909 598 | 33 600 126 | |
| Current liabilities | |||
| Due to credit institutions | 16 206 030 | 10 986 287 | |
| Finance lease | 119 215 | 73 373 | |
| Advance payments from customers | 209 833 | 136 246 | |
| Trade payables | 9 998 210 | 13 014 438 | |
| Taxes and social security contributions | 584 016 | 753 660 | |
| Other accounts payable | 571 656 | 548 764 | |
| Accrued liabilities | 1 542 290 | 1 554 155 | |
| Retirement benefit obligations | 994 370 | 994 370 | |
| Deferred income | 165 418 | 165 416 | |
| Total current liabilities | 30 391 038 | 28 226 709 | |
| Total liabilities | 68 300 636 | 61 826 835 | |
| Total liabilities & shareholders’ equity | 122 436 577 | 109 774 740 |
Marika Nīmante
JSC „Valmieras stikla šķiedra”
Marketing project manager
Phone: +371 64202276, +371 26635509
E-mail: marika.nimante@valmiera-glass.com
