AS Valmieras stikla skiedra announced that the audited annual consolidated and standalone financial statements for the year 2018 will not be distributed by 30 April 2019 due to, P-D VALMIERA GLASS USA Corp., the majority-owned subsidiary of the company, has recently received an additional information request from its sworn auditor as well as the sworn auditor for the company in the course of auditing the subsidiary. This relates to gaining independent expert opinions on the US subsidiary’s operations, which naturally require some time to complete. The subsidiary consists of two physically-separated operations on the same property. The first is a needle matting facility which can operate as an independent enterprise (Phase 1). The second is a vertically-integrated fibreglass yarn producing facility (Phase 2). As has been previously announced, the Phase 2 component of the US operations of the Group have taken a longer than expected time to reach expected output levels. Considering that by far the majority of the group’s investments in recent years have been directed towards Phase 2, the auditors have requested further information to ascertain asset values which should be recorded for the close of the 2018 accounts. These industrial assets are rather unique and specialised as they represent the only large fibre glass yarn producer in the US. Thus a carefully-approached valuation is particularly warranted. The Management Board of the company hereby notifies that the 2018 audited annual consolidated and standalone financial statements are anticipated to be distributed by 14 June, 2019.