Published: 2015-05-13 07:57:56 CEST
SAF Tehnika
Quarterly report

SAF Tehnika Consolidated Interim Report for Q3 and 9 months of financial year 2014/15

SAF 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


SAFTehnika_9M_FY14_15_ENG.pdf