The Management Board of AS VALMIERAS STIKLA ŠĶIEDRA (the ‘Company’, with registration no: 40003031676, legal address: Cempu iela 13, Valmiera, LV-4201), hereby informs that the audited annual consolidated and standalone financial statements for the year 2018 will not be available to be distributed until 16 September 2019 as previously anticipated. Please refer to the respective previous announcement here.
The Company continues to develop its legal protection proceedings (‘LPP’) Plan. To formulate the most suitable outcome for all stakeholders involved, additional time has been deemed to be necessary for the preparation of the final version. This also requires the consent from the Company’s secured and unsecured creditors in accordance with the law. On 7 August 2019, as is foreseeable according to legislation, the Company’s Management Board announced the intention for pursuing the extension of the term for preparation and approval of the LPP Plan by one additional month (i.e. until 18 September 2019). Please refer to the respective announcement here.
Based on the latest feedback from auditors, the extension needed for finalising the LPP Plan and that the relevant court decision is expected to be at the beginning of October, the Management Board of the Company presently estimates that the 2018 audited annual consolidated and standalone financial statements are anticipated to be distributed by October 31, 2019.
It is important to reiterate here that both the Latvian and UK-based operations have been consistently cash flow positive and profitable in recent years. Please also refer to the recent announcement about financial highlights of the first 6 months of the year for the Latvian and UK-based operations here.