Stockholm, 2015-08-28 08:06 CEST (GLOBE NEWSWIRE) -- RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, today released its second quarter report 2015.
Second Quarter Highlights
- Sawlogs from continuing operations: Harvested 29,704 m3 of sawlogs in Magistralny in Q2 2015 (Q2 2014: 13,802 m3).
- Subcontracting: Harvested 82,816 m3 of sawlogs in Ust-Ilimsk forest lease areas in Q2 2015 (Q2 2014: 0 m3).
- Sawnwood from continuing operations: Produced 18,457 m3 of sawnwood in Magistralny in Q2 2015 (Q2 2014: 14,113 m3).
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Revenue from continuing operations: Generated revenue of USD 4.9 million in Q2 2015 (Q2 2014: USD 4.8 million).
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Adjusted EBITDA from continuing operations: Reported adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of USD 0.4 million in Q2 2015 (Q2 2014: USD -1.4 million).
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Loss for the period: Recorded a net loss of USD 1.6 million in Q2 2015 (Q2 2014: net loss of USD 3.8 million).
- Cash and Working Capital: Closed the second quarter of 2015 with a cash balance of USD 10.3 million (Q4 2014: USD 10.0 million) and positive working capital of USD 4.8 million (Q4 2014: USD 7.2 million).
Six months 2015 Highlights
- Sawlogs from continuing operations: Harvested 104,008 m3 of sawlogs in Magistralny in 6M 2015 (6M 2014: 89,908 m3).
- Subcontracting: Harvested 345,231 m3 of sawlogs in Ust-Ilimsk forest lease areas in 6M 2015 (6M 2014: 192,008 m3).
- Sawnwood from continuing operations: Produced 40,245 m3 of sawnwood in Magistralny in 6M 2015 (6M 2014: 35,824 m3).
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Revenue from continuing operations: Generated revenue of USD 10.5 million in 6M 2015 (6M 2014: USD 13.2 million).
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Adjusted EBITDA from continuing operations: Reported adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of USD 2.3 million in 6M 2015 (6M 2014: USD -0.1 million).
- Profit for the period: Recorded a net profit of USD 0.2 million in 6M 2015 (6M 2014: net loss of USD 7.1 million).
Note that the Q2 and six months 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 second quarter is generally the weakest due to seasonal factors in harvesting operations and the situation in softwood markets remains challenging. Despite the market factors and the temporary seasonal slowdown in Q2 we continue to deliver positive EBITDA and improve year-on-year results. RusForest has a strong balance sheet, the core operations continue to improve and we have a number of other value adding projects in process which jointly makes RusForest a stable and developing business in its sector”.
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/m2mky5ei or visit RusForest’s website at www.rusforest.com and click on the link for the second 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 through the same links as for live participation.
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
