Belgian glass maker Glaverbel reported a 296% increase in 2000 group net profit to Euro 99.8 million versus Euro 25.2 million in 1999. Earnings before interest and taxes increased 74% to Euro 185.4 mi…
Belgian glass maker Glaverbel reported a 296% increase in 2000 group net profit to Euro 99.8 million versus Euro 25.2 million in 1999. Earnings before interest and taxes increased 74% to Euro 185.4 million in 2000 versus Euro 106.6 million in 1999. Sales were Euro 1.699 billion versus Euro 1.5 billion in 1999. Gross cash flow was Euro 322.6 million in 2000, an increase of 47% over the Euro 219.2 million reported in the year previous. Glaverbel proposed a dividend of Euro 3.77 per share. The building division contributed to the large increase due to increased volumes following the start-up of the float plant in Sagunto (ES) in March 2000, and partly to the significant rise in prices throughout the year. The average price for float glass in 2000 was 22% higher than in 1999 which more than made up for the increase in energy costs which were 9% higher at the end of the year than the average for 2000. In 2001, Glaverbel plans some Euro 180 million of capital expenditure, targeted at raising productivity and improving its position in certain markets. These investments will be financed out of cash flow and are earmarked for the installation of a laminated glass line at Retenice (CZ), construction of a fourth float plant in Moustier, expansion of the mirror capacity at Kryry (CZ) and setting up of a laminated windshield production line for the automotive replacement glass market at Chuderice (CZ). Glaverbel also plans to set up a fire-resistent glass production unit at Olovi (CZ) and to install a tempering furnace at Splintex Roccasecca (IT). Glaverbel, a member of the Japanese group Asahi Glass, said it expects a more than 20% increase in its 2001 net results.