Riga, 2015-08-12 15:32 CEST (GLOBE NEWSWIRE) --
For Q4 of the FY 2014/2015, the Group’s unaudited consolidated net turnover was 3.22 million euros, which is by 7% or 0.2 million euros less than in Q4 of the previous financial year, but by 17% more than in Q3 of this financial year.
Almost half of the turnover of the reporting quarter (47%) was made by revenues from North/Latin Americas, while the region’s turnover decreased by 20% and 0.38 million euros as against the same quarter last year, but was by 7% more than sales volumes in Q3 this year, thus at large equalizing revenue distribution by quarters. Sales in the European and CIS region totaled 44% from the Q4 turnover. The region’s turnover rose by 6% as compared to sales in the same quarter of the previous FY and was by 55% or 0.5 million euros more than in Q3 FY 2014/15, owing to the Group’s ability to provide necessary products and services to specific customers. However, the CIS part in the region’s revenue is still rather small. Sales in the AMEA (Asia, Middle East, Africa) region equaled 9% of the turnover during the quarter and rose by 30% as against Q3 of the previous FY, but a bit less than in Q3 of this FY.
For 12 months of the FY 2014/2015, the Group’s unaudited consolidated net turnover was 12.82 million euros, which represented 7% increase comparing to revenues generated in the respective period of the previous financial year.
The consolidated non-audited net result of the Group for Q4 of the FY 2014/2015 was 278 thousand euros profit.
The consolidated non-audited net result of the Group for 12 months of the FY 2014/2015 was 1.2 million euros profit, which is greater by 1.1 million euros as compared to the Group’s result for 12 months in the previous FY 2013/2014 (i.e. 127 thousand euros).
The Group’s net cash flow for the 12 month period of the financial year was positive – 237 thousand euros.
SAF Tehnika is the company with the long-term competence in the market niche of microwave radio, proven capable to deliver products of notable quality to general market and to differentiate by developing custom-tailored solutions. The Group is financially stable. The task for the Group is to continue development of next generation wireless data transmission devices focusing on functionality, product cost reduction, customer satisfaction, efficient production, and internal operations. The goal is to regain sales levels to ensure a positive net result in the long term. Due to the intense competitive pressure, the Board of SAF Tehnika cannot provide certain prognosis for sales figures and operational results.
Consolidated Statement of Profit or Loss for 12 month of the financial year 2014/2015
| 30.06.2015 | 30.06.2014 | |
| EUR | EUR | |
| Net sales | 12 819 253 | 12 025 751 |
| Other operating income | 403 919 | 330 149 |
| Total income | 13 223 172 | 12 355 900 |
| Direct cost of goods sold or services rendered | -6 246 841 | -6 574 289 |
| Marketing, advertising and public relations expenses | -501 776 | -503 989 |
| Bad receivables | 345 899 | 137 302 |
| Operating expenses | -1 091 273 | -1 165 265 |
| Salaries and social expenses | -3 485 725 | -3 183 613 |
| Bonuses and social expenses | -463 705 | -197 566 |
| Depreciation expense | -384 128 | -415 838 |
| Other expenses | -388 409 | -148 342 |
| Operating expenses | -12 215 958 | -12 051 600 |
| EBIT | 1 007 214 | 304 300 |
| Financial income (except ForEx rate difference) | 2 985 | 19 411 |
| Foreign exchange +gain/(loss) | 406 857 | -144 777 |
| Financial items | 409 786 | -125 366 |
| EBT | 1 386 441 | 151 559 |
| Corporate income tax | -177 919 | -24 510 |
| Profit after taxes | 1 208 522 | 127 049 |
| Net profit/(loss) | 1 208 522 | 127 049 |
Balance sheet
As of June 30, 2015
| 30.06.2015 | 30.06.2014 | |
| CURRENT ASSETS | EUR | EUR |
| Cash and bank | 4 319 608 | 4 082 555 |
| Short-term investments | 1 893 735 | 0 |
| Customer receivables | ||
| Accounts receivable | 1 451 492 | 2 259 410 |
| Due from joint venture | 0 | 44 393 |
| Allowance for uncollectible receivables | -24 489 | -369 288 |
| Total | 1 427 003 | 1 934 515 |
| Other receivables | ||
| Other current receivables | 186 974 | 226 408 |
| Short-term loans | 0 | 180 000 |
| Total | 186 974 | 406 408 |
| Prepaid expenses | ||
| Prepaid taxes | 29 950 | 71 257 |
| Other prepaid expenses | 87 426 | 116 457 |
| Total | 117 376 | 187 714 |
| Inventories | ||
| Raw materials | 1 257 830 | 1 396 275 |
| Work-in-progress | 2 068 257 | 1 620 329 |
| Finished goods | 1 352 758 | 1 482 149 |
| Prepayments to suppliers | 45 028 | 26 626 |
| Total | 4 723 873 | 4 525 379 |
| TOTAL CURRENT ASSETS | 12 668 569 | 11 136 571 |
| NON-CURRENT ASSETS | ||
| Long-term financial assets | ||
| Equity-accounted investments | 3 579 | 13 910 |
| Investments in other companies | 2 148 | 1 188 |
| Long-term receivables | 18 303 | 53 526 |
| Deffered income tax | 78 342 | 98 684 |
| Total | 102 372 | 167 308 |
| NON-CURRENT physical assets | ||
| Plant and equipment | 3 512 138 | 3 283 390 |
| Other equipment and fixtures | 1 852 169 | 1 881 478 |
| Accumulated depreciation | -4 752 653 | -4 631 429 |
| Other long-term assets | 4 845 | 178 |
| Total | 616 499 | 533 617 |
| Intagible assets | ||
| Purchased licenses, trademarks etc. | 182 478 | 203 722 |
| Other long-term intagible assets | 3 614 | 4 449 |
| Total | 186 092 | 208 171 |
| TOTAL NON-CURRENT ASSETS | 904 963 | 909 096 |
| TOTAL ASSETS | 13 573 532 | 12 045 667 |
| LIABILITIES AND OWNERS' EQUITY | 30.06.2015 | 30.06.2014 |
| CURRENT LIABILITIES | EUR | EUR |
| Debt obligations | ||
| Short-term loans from financial institutons | 8 375 | 6 781 |
| Customer prepayments for goods and services | 403 056 | 216 085 |
| Accounts payable | 750 733 | 842 910 |
| Tax liabilities | 215 832 | 116 185 |
| Salary-related accrued expenses | 535 516 | 413 657 |
| Other accrued expenses | 85 110 | 0 |
| Provisions for guarantees | 18 211 | 14 643 |
| Deffered income | 233 061 | 105 410 |
| TOTAL CURRENT LIABILITIES | 2 249 894 | 1 715 671 |
| OWNERS' EQUITY | ||
| Share capital | 4 158 252 | 4 226 185 |
| Paid in capital over par | 2 851 725 | 2 851 725 |
| Other reserves | 8 530 | 0 |
| Retained earnings | 3 133 841 | 3 125 600 |
| Net profit for the financial year | 1 208 522 | 127 049 |
| Currency translation reserve | -37 232 | -562 |
| TOTAL OWNERS' EQUITY | 11 323 638 | 10 329 996 |
| TOTAL LIABILITIES AND OWNERS' EQUITY | 13 573 532 | 12 045 667 |
About SAF Tehnika.
„SAF Tehnika” JSC is an ISO certified wireless data transmission equipment manufacturer. The company's products are produced in Latvia, Europe and sold in over 130 countries worldwide. „SAF Tehnika” has been listed on NASDAQ OMX Riga since 2004. SAF Tehnika wholly owns subsidiaries “SAF North America” LLC and “SAF Services” LLC. Both of the mentioned companies are operating from Denver, CO, USA serving North American market.
Zane Jozepa
CFO, Member of the Board
+371 67 046 833
zane.jozepa@saftehnika.com
