SAF Tehnika Consolidated Interim Report for Q4 and 12 months of financial year 2015/16

SAF Tehnika Consolidated Interim Report for Q4 and 12 months of financial year 2015/16

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Riga, 2016-08-17 08:18 CEST (GLOBE NEWSWIRE) —  

 

The major part of the Q4 turnover (57% or EUR 2.1 million) was made by sales in North/Latin Americas and was related to the development of data transmission solutions and products tailored to specific customer needs. This region’s result is by 36% greater than in Q4 last year and exceeds the result in Q3 by 56%.

The European and CIS region gave 34% of the turnover in Q4. The region’s turnover decreased by 11% as compared to the same quarter of the previous FY, but was by 2% higher than in Q3. The above fluctuations are due to implementation of individual projects. The Group’s products were sold in 49 countries during the reporting quarter.

The Group finished the closing quarter of the FY 2015/2016 with profits of EUR 573 thousand (unaudited), which is by EUR 226 thousand more than in Q4 of the previous financial year.

The Group’s unaudited consolidated turnover for the financial year 2015/2016 was EUR 13.7 million, which is a 7% increase compared to revenues of the previous financial year. The unaudited consolidated result for the FY 2015/2016 is the profit of EUR 925 thousand, which is by EUR 353 thousand less comparing to the Group’s result of the previous financial year when the profit was EUR 1.28 million.

The Group had a positive net cash flow during 12 months of the FY, equaling to EUR 1.59 million. As of the end of the reporting period, the Group’s net cash balance was EUR 5.9 million.

This financial year SAF Tehnika received EUR 0.46 million co-financing from EU funds  to support product development and marketing activities. During this period EUR 435 thousand have been invested in fixed assets.

SAF Tehnika is the company with the long-term competence in development and production of microwave radios. SAF Tehnika will proceed with its work on new high-quality products for the microwave data transmission market, providing not only standardized solutions, but also product modifications in order to meet customers’ special needs, as well as searching innovative ideas for applying microwave data transmission. The Group is financially stable. The goal of the Company is to stabilize sales levels to ensure a positive net result in the long term. The Board of SAF Tehnika maintains cautious optimism but cannot provide certain prognosis for sales figures and operational results.

 

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.

 

         Additional information:
         
         Zane Jozepa
         CFO, Member of the Board
         +371 67 046 833
         [email protected]
         www.saftehnika.com