SAF Tehnika Consolidated Interim Report for Q3 and 9 months of financial year 2014/15SAF Tehnika's non-audited consolidated net sales for the third quarter of financial year 2014/15 were 2.75 million EUR, increasing by 19% or 0.4 million EUR compared to the third quarter of the previous financial year, but being by 25% less than sales in the previous quarter - Q2 of FY 2014/2015. The SAF Tehnika group ended the third quarter of 2014/15 financial year with profit 743 thousand EUR. The net result of the Group for the 9 months of 2014/15 financial year was profit 932 thousand EUR which is good result comparing with 580 thousand consolidated loss the Group ended 9 months period of previous financial year 2013/2014.Riga, Latvia, 2015-05-13 07:57 CEST --
The SAF Tehnika group’s non-audited consolidated net sales for the third quarter of financial year 2014/15 were 2.75 million EUR, increasing by 19% or 0.4 million EUR compared to the third quarter of the previous financial year and being by 25% less than sales in the previous quarter – Q2 of FY 2014/2015.
Sales in the North and Latin America formed the biggest part of total sales (52%) in the reporting quarter being by 49% or 0.46 million EUR more than in the same quarter of the last financial year. Sales in Europe and CIS region represented 33% of the 3rd quarter’s turnover. Sales there declined by 6% compared with the same quarter of the last financial and were by 45% or 0.77 million EUR less than in Q2 of the current financial year. The reason for decrease – were no similar scale orders for Europe customers as were in the Q2 FY 2014/15. Sales in Asia Pacific, Africa and Middle East was 15% of quarterly sales and was by 9% more than in the 3rd quarter of the previous financial year and slightly more than in the Q2 of current financial year.
SAF Tehnika’s 2014/15 financial year’s 9 month unaudited consolidated net turnover was 9.6 million EUR, which represented 12% increase comparing with the revenues generated in the respective period of the previous financial year.
The consolidated non-audited net result of the Group for the third quarter of 2014/15 financial year was profit 743 thousand EUR.
The consolidated non-audited net result of the Group for the 9 months of 2014/15 financial year was profit 932 thousand EUR which is good result comparing with 580 thousand consolidated loss the Group ended 9 months period of previous financial year 2013/2014.
The Group’s net cash flow for the 9 month period of the financial year was positive – 1.74 million EUR
SAF Tehnika will keep its previously announced main focus on developing excellent quality microwave data transmission equipment with competitive price and functionality balance, will continue looking for new niches to explore its microwave competence. Sales resources will be targeted to regions with highest potential. The Group is financially stable. The goal is to regain sales levels which ensures positive net result in a long-term. Due to intense competitive pressure the Board of the SAF Tehnika cannot provide certain prognosis for sales figures and operational results.
|
Profit/Loss Statement for 9 months period |
31.03.2015 |
31.03.2014 |
|
|
EUR |
EUR |
|
Net sales |
9 597 467 |
8 565 412 |
|
Other operating income |
198 633 |
17 577 |
|
Total income |
9 796 100 |
8 582 989 |
|
|
|
|
|
Direct cost of goods sold or services rendered |
-4 801 441 |
-4 798 487 |
|
Marketing, advertising and public relations expenses |
-358 388 |
-371 619 |
|
Bad receivables |
312 492 |
45 213 |
|
Operating expenses |
-799 937 |
-909 010 |
|
Salaries and social expenses |
-2 543 575 |
-2 411 464 |
|
Bonuses and social expenses |
-236 760 |
-104 460 |
|
Depreciation expense |
-279 529 |
-316 416 |
|
Other expenses |
-384 356 |
-132 601 |
|
Operating expenses |
-9 091 494 |
-8 998 844 |
|
|
|
|
|
EBIT |
704 606 |
-415 855 |
|
|
|
|
|
Financial income (except ForEx rate difference) |
2 802 |
19 271 |
|
Financial costs (except ForEx rate difference) |
-32 |
0 |
|
Foreign exchange +gain/(loss) |
427 226 |
-168 651 |
|
Financial items |
429 996 |
-149 380 |
|
|
|
|
|
Share of profit/(loss) of equity-accounted investees |
-971 |
-15 243 |
|
|
|
|
|
EBT |
1 133 631 |
-580 478 |
|
|
|
|
|
Corporate income tax |
-201 693 |
0 |
|
|
|
|
|
Profit after taxes |
931 938 |
-580 478 |
|
|
|
|
|
Net profit/(loss) |
931 938 |
-580 478 |
|
Consolidated statement of Financial position |
|
|
|
|
31.03.2015 |
31.03.2014 |
|
CURRENT ASSETS |
EUR |
EUR |
|
Cash and bank |
5 826 690 |
3 545 001 |
|
Customer receivables |
|
|
|
Accounts receivable |
1 132 476 |
1 824 464 |
|
Due from joint venture |
0 |
45 063 |
|
Allowance for uncollectible receivables |
-62 802 |
-461 377 |
|
Total |
1 069 674 |
1 408 150 |
|
Other receivables |
|
|
|
Other current receivables |
114 889 |
164 |
|
Short-term loans |
0 |
200 000 |
|
Total |
114 889 |
200 164 |
|
Prepaid expenses |
|
|
|
Prepaid taxes |
26 815 |
80 657 |
|
Other prepaid expenses |
66 543 |
109 757 |
|
Total |
93 358 |
190 414 |
|
Inventories |
|
|
|
Raw materials |
1 358 372 |
1 205 387 |
|
Work-in-progress |
2 019 975 |
1 867 642 |
|
Finished goods |
1 266 963 |
1 878 439 |
|
Prepayments to suppliers |
32 020 |
26 739 |
|
Total |
4 677 330 |
4 978 207 |
|
TOTAL CURRENT ASSETS |
11 781 941 |
10 321 936 |
|
NON-CURRENT ASSETS |
|
|
|
Long-term financial assets |
|
|
|
Equity-accounted investments |
1 767 |
26 725 |
|
Investments in other companies |
1 188 |
1 188 |
|
Long-term receivables |
23 615 |
0 |
|
Deffered income tax |
98 683 |
123 194 |
|
Total |
125 253 |
151 107 |
|
NON-CURRENT physical assets |
|
|
|
Plant and equipment |
3 485 346 |
3 246 537 |
|
Other equipment and fixtures |
1 865 013 |
1 878 410 |
|
Accumulated depreciation |
-4 716 182 |
-4 558 524 |
|
Other long-term assets |
12 555 |
324 |
|
Total |
646 732 |
566 747 |
|
Intagible assets |
|
|
|
Purchased licenses, trademarks etc. |
201 946 |
223 349 |
|
Other long-term intagible assets |
0 |
8 024 |
|
Total |
201 946 |
231 373 |
|
TOTAL NON-CURRENT ASSETS |
973 931 |
949 227 |
|
TOTAL ASSETS |
12 755 872 |
11 271 163 |
|
LIABILITIES AND OWNERS' EQUITY |
31.03.2015 |
31.03.2014 |
|
CURRENT LIABILITIES |
EUR |
EUR |
|
Debt obligations |
|
|
|
Short-term loans from financial institutons |
9 400 |
14 919 |
|
Customer prepayments for goods and services |
121 984 |
328 758 |
|
Accounts payable |
629 672 |
797 813 |
|
Tax liabilities |
291 322 |
111 301 |
|
Salary-related accrued expenses |
515 283 |
355 596 |
|
Provisions for guarantees |
66 297 |
36 603 |
|
Prepaid revenue |
84 995 |
1 395 |
|
TOTAL CURRENT LIABILITIES |
1 718 953 |
1 646 385 |
|
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 |
931 938 |
-580 478 |
|
TOTAL OWNERS' EQUITY |
11 036 919 |
9 624 778 |
|
TOTAL LIABILITIES AND OWNERS' EQUITY |
12 755 872 |
11 271 163 |
About „SAF Tehnika” JSC
„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. Aira Loite
COO, Member of the Board
+371 67 046 833
Aira.Loite@saftehnika.com
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