Spain“s Vidrala, a manufacturer of glass packaging, finished 2003 with consolidated sales of EUR 146.95 million, up 17.56% year-on-year. The figure for 2003 includes the sales by Vidrala S.A. (Alava,…
Spain“s Vidrala, a manufacturer of glass packaging, finished 2003 with consolidated sales of EUR 146.95 million, up 17.56% year-on-year. The figure for 2003 includes the sales by Vidrala S.A. (Alava, north east Spain), Crisnova, S.A. (Albacete, south east Spain) and Ricardo Gallo-Vidro de Emballagem, S.A. (Marinha Grande, Portugal). Ricardo Gallo was formally acquired by Vidrala as of 1 October 2003. Given the date of purchase, the consolidated results of Vidrala Group only include the final quarter of Ricardo Gallo, which added EUR 11.95 million to turnover. Excluding the turnover of the Portuguese firm, Vidrala“s growth in 2003 went up to 8.52% or EUR 135.65 million. Vidrala also increased its consolidated EBITDA to EUR 38.82 million, up 12.43%. The net consolidated result was EUR 17.78 million, up 14.62%. Apart from the contribution by Ricardo Gallo, Vidrala Group managed to increase its profits thanks to the reductions in certain production costs (especially raw materials, consumption of moulds and electricity), lower repayments on fixed assets (from EUR 17.29 million in 2002 to EUR 13.65 million in 2003) and good sales performance in spite of lower production (down 2.1% in 2003 due to upgrades to one of the furnaces at the Llodio, Alava plant). With the integration of Ricardo Gallo, the group workforce grew by 469 to 1,102.