AS VALMIERAS STIKLA ŠĶIEDRA informs that the audited separate and consolidated financial statements of the Company for year 2019 will be published by 23 October 2020, not until 30 September as announced previously.
The date of publication of the financial statements has been postponed in connection with the Company’s US subsidiary’s liquidation process. On 10 September 2020, the liquidation plan of the US subsidiary was submitted for an approval to the Bankruptcy Court of the United States. In such circumstances, the auditors of the Company must perform additional financial statement audit procedures to validate the assumptions underpinning estimates of the recoverable amount of the US subsidiary’s debts in the balance sheet of the Company as at 31 December 2019.
As previously reported, the Company's net sales for the first six months of 2020 decreased by 6% (y-o-y), primarily in the second quarter due to the negative impact of coronavirus. Meanwhile, the Company emphasizes that the situation in the main sales markets is currently stabilizing.
The Company informs that the unaudited condensed separate and consolidated financial statements for the 9-month period of 2020 will be issued according to the Company’s published financial calendar.