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2013-02-18 09:03:56 CET 2013-02-18 09:04:55 CET Vilniaus Baldai AB - Other informationVilniaus baldai AB sales for 2012 were LTL 230.141 million, while net profit was LTL 26.835 millionVilnius, Lithuania, 2013-02-18 09:03 CET (GLOBE NEWSWIRE) -- In 2012, sales of Vilniaus baldai AB, in which investment company Invalda holds a controlling interest, were LTL 230.141 million or 3.5 per cent lower than in 2011 (LTL 238.368 million). Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) were LTL 34.780 million (in 2011 - LTL 36.103 million). Having eliminated the influence of one-off costs in 2012, EBITDA was LTL 37.780 million and exceeded year 2011 EBITDA by 2.4 per cent (LTL 36.898 million). In 2012, the Company earned a net profit of LTL 26.835 million (in 2011 - LTL 26.811 million). In 2012 the market of raw materials remained stable, while due to improvement in production process, the Company managed to use raw materials more effectively, increasing the gross margin by 1 per cent, and reducing production costs even under higher labour costs. In 2012, average gross wages were 7 per cent higher than in 2011, while labour efficiency grew by almost 14 percent. Lower sales were caused by changes in product portfolio that had started in 4th quarter of 2012. Within the period between the 4th quarter of 2012 and 1st and 2nd quarters of 2013, the Company intends to change approximately 50 per cent of product portfolio. The Company will cease production of various structure shelves that have been included into product range so far, and launch production of children's furniture, writing-desks and other new products. New production items are more elaborate, they require more sophisticated production technologies, and will provide higher added value. All this is the evidence of high degree of Vilniaus baldai AB competitiveness. In order to be able to manufacture new production and ensure required volumes, the Company has embarked on a series of reforms: new equipment was introduced and advanced technologies implemented, while planned investments in technological equipment to be made in 2012-2013 will amount to approximately LTL 27 million. In connection with the changes above, labour process will change as well. In the 2nd and 3rd quarters of 2013, the Company will concentrate its production operations in the main factory and increase a number of work shifts there (the other factory will be rearranged in terms of technical equipment, and this would not be possible to execute when operation takes place). From September 2013 Vilniaus baldai AB will be operating in usual conditions. In connection with the abovementioned changes, the Company does not predict that sales of 2012 will be achieved in 2013 but still expects to be profitable and preserve all jobs. Vilniaus baldai AB exports all its production, which is purchased by Swedish concern IKEA. Investment company Invalda holds a controlling interest in Vilniaus baldai AB. The shares of Vilniaus baldai AB are listed on the Official Trading List of the NASDAQ OMX Vilnius Stock Exchange. Aidas Mackevičius General Manager, Vilniaus baldai AB, tel. (8-5) 2525700 |
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