Stockholm, 2015-05-28 08:05 CEST (GLOBE NEWSWIRE) -- RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, today released its first quarter report 2015.
First Quarter Highlights
- Sawlogs from continuing operations: Harvested 74,304 m3 of sawlogs in Magistralny in Q1 2015 (Q1 2014: 76,106 m3).
- Subcontracting: Harvested 262,415 m3 of sawlogs in Ust-Ilimsk forest lease areas in Q1 2015 (Q1 2014: 192,008 m3).
- Sawnwood from continuing operations: Produced 21,778 m3 of sawnwood in Magistralny in Q1 2015 (Q1 2014: 21,711 m3).
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Revenue from continuing operations: Generated revenue of USD 5.6 million in Q1 2015 (Q1 2014: USD 8.4 million).
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Adjusted EBITDA from continuing operations: Reported adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of USD 1.9 million in Q1 2015 (Q1 2014: USD 1.3 million).
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Profit for the period: Recorded a net profit of USD 1.7 million in Q1 2015 (Q1 2014: net loss of USD 3.2 million).
- Cash and Working Capital: Closed the first quarter of 2015 with a cash balance of USD 10.8 million (Q4 2014: USD 10.0 million) and positive working capital of USD 7.2 million (Q4 2014: USD 7.2 million).
Note that the Q1 2014 comparative figures have been restated to reflect that Arkhangelsk business segments was divested in Q4 2014 and is included in the financial results as discontinued operations in the comparative period.
Management Comments
Anton Bogdanov, CEO of RusForest Management Company, commented: “The first quarter of last year was marked by our first significant breakthrough: reaching our first positive EBITDA. This quarter we took another big step forward with our first net profit. This result validates the strategic and tactical decisions we have taken. Key factors in this improved financial performance include continuous operational optimization, administrative cost-cutting, a reduction in finance costs and the weakening of the Russian rouble.”
Conference Call
The Company will hold a telephone conference today at 11:00 a.m. CET where management will be available to comment on the report and the latest developments.
To participate in the conference call, please dial the following numbers at least five minutes before the scheduled event:
From Sweden: +46 (0) 8 50556474
From United Kingdom: +44 203 3645374
From North America: +1 (855) 7532230
To take part in the interactive presentation, please use webcast link: http://edge.media-server.com/m/p/7qr94dqz or visit RusForest’s website at www.rusforest.com and click on the link for the first quarter report 2015 telephone conference. A presentation will also be available for download from the website.
A replay of the telephone conference will be available on RusForest’s website approximately one hour after the completion of the event.
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products. RusForest is listed on NASDAQ OMX Stockholm First North (ticker “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Securities AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Gustav Wetterling, Group CFO, telephone: +46 8 771 85 00
