Stockholm, 2016-03-31 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 year end report 2015.
Fourth Quarter Highlights
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Sawlogs: Harvested 115,757 m3 of sawlogs in Magistralny in Q4 2015, which included 13,076 m3 of own harvesting in Ust-Ilimsk. (Q4 2014: 105,038 m3).
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Subcontracting: Harvested 216,829 m3 of sawlogs in Ust-Ilimsk forest lease areas in Q4 2015 (Q4 2014: 106,379 m3).
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Sawnwood: Produced 22,488 m3 of sawnwood in Magistralny in Q4 2015 (Q4 2014: 21,368 m3).
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Wood Pellets: Produced 1,847 tonnes of pellets in Q4 2015 (Q4 2014: 0 tonnes).
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Revenue: Generated revenue of USD 6.4 million in Q4 2015 (Q4 2014: USD 7.1 million).
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Adjusted EBITDA: Reported adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of USD 1.7 million in Q4 2015 (Q4 2014: USD 1.6 million). Adjusted EBITDA margin of 27% in Q4 2015 compared with 22% in Q4 2014.
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Profit for the period: Recorded a net profit of USD 1.5 million in Q4 2015 (Q4 2014: net loss of USD 5.0 million).
- Cash and Working Capital: Closed the fourth quarter of 2015 with a cash balance of USD 8.4 million (Q4 2014: USD 10.0 million) and positive working capital of USD 2.5 million (Q4 2014: USD 7.2 million).
Full Year 2015 Highlights
- Sawlogs: Harvested 287,865 m3 of sawlogs in Magistralny in 2015 (2014: 278,896 m3).
- Subcontracting: Harvested 615,166 m3 of sawlogs in Ust-Ilimsk forest lease areas in 2015 (2014: 320,210 m3).
- Sawnwood: Produced 85,645 m3 of sawnwood in Magistralny in 2015 (2014: 78,826 m3).
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Revenue: Generated revenue of USD 22.0 million in 2015 (2014: USD 27.4 million).
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Adjusted EBITDA: Reported adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of USD 4.6 million in 2015 (2014: USD 1.5 million). Adjusted EBITDA margin of 21% for full year 2015 compared with 6% in 2014.
- Profit for the period: Recorded a net profit of USD 3.2 million for full year 2015 (2014: net loss of USD 14.5 million).
Management Comments
Anton Bogdanov, CEO of RusForest Management Company, commented:
“We are happy to report continued good EBITDA results in Q4 2015 and the first annual net profit for RusForest in 2015!
RusForest finished the year on a strong note in terms of production, with increased sawmilling and harvesting in Q4 2015 compared with the same period in 2014. Both the new pellet mill in Magistralny and the new harvesting operations in Ust-Ilimsk were launched in Q4 2015 and are working to gradually ramp up production. At the same time all of our sawnwood markets except for Japan were very challenging in Q4 2015, with a year-on-year decline in average price received as a consequence. The Company still showed much improved operational profitability in Q4 2015 compared with same period in 2014, largely due to the successful efforts to reduce overhead costs and eliminate losses in Ust-Ilimsk through increased cooperation with key subcontractors.”
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/upzkhcqe or visit RusForest’s website at www.rusforest.com and click on the link for the year end 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
