Glaston: quiet start to the year, order book growing

Key points of Glaston Corporation’s interim report for January-March 2014 regard orders received, order book, consolidated net sales, operating result, interest-bearing net debt. Reporting a ‘quiet start to the year’, net sales in the review period totalled EUR 23.1 million and the operating result, excluding non-recurring items, was a loss of EUR 0.7 million.

Glaston Corporation is adopting a new disclosure procedure in accordance with Regulations and Guidelines 7/2013 (disclosure obligation on issuers) of the Financial Supervisory Authority and is publishing the interim report for January-March 2014 as an attachment to this stock exchange release, which is a summary of Glaston’s January-March 2014 interim report. Glaston Corporation’s interim report for January-March 2014 is a PDF file attachment to this stock exchange release and is available on the company’s website at the address www.glaston.net.
Key points January-March 2014 are as follows:
Orders received in January-March totalled EUR 26.4 (28.8) million; the order book on 31 March 2014 was EUR 41.3 (39.4) million; consolidated net sales in January-March totalled EUR 23.1 (26.4) million; EBITDA, excluding non-recurring items, was EUR 0.4 (0.8) million, i.e. 1.7 (3.0)% of net sales; the operating result, excluding non-recurring items, was a loss of EUR 0.7 (0.4 loss) million, i.e. -3.2 (-1.4)% of net sales; the operating result was a loss of EUR 0.7 (3.4 profit) million, i.e. -3.2 (12.8)% of net sales; Continuing Operations’ return on capital employed (ROCE) was -3.7 (28.9)%; Continuing Operations’ earnings per share were EUR -0.00 (0.04) Continuing and Discontinued Operations’ earnings per share were EUR -0.00 (0.04); Glaston’s interest-bearing net debt totalled EUR 9.0 (10.5) million; Glaston expects net sales and operating profit to grow in 2014.
President and CEO Arto Metsänen said: “Seasonal fluctuations are typical in Glaston’s industry and the first quarter is traditionally quiet. Both the crisis in Ukraine and particularly its impact on neighbouring areas as well as a quiet market in Brazil affected order intake in the early part of the year.”
“Glaston’s net sales in the review period totalled EUR 23.1 million and the operating result, excluding non-recurring items, was a loss of EUR 0.7 million. Compared with the corresponding period of the previous year, our relative profitability has developed positively due to a lighter cost structure.”
“Our order book has developed positively and stood at EUR 41.3 million on 31 March 2014. Deliveries resulting from last year’s good order intake will be made after the first quarter. This will create a foundation for a positive performance in 2014. We continue to expect that the market will grow moderately this year.”
“The Asian market is expected to grow in the long term. As a technology leader, Glaston wants to be well positioned when demand for low emissivity (low-E) glass and high-quality glass starts to grow. To respond to market needs, we will expand our factory located in Tianjin. The expansion is expected to be completed in autumn 2015.”