Bli medlem
Bli medlem

Du är här

2016-08-30

RusForest Releases Second Quarter Report 2016

t

RusForest Releases Second Quarter Report 2016

Stockholm, 2016-08-30 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 second quarter report 2016.

Second Quarter Highlights

-- Harvesting
: Own h
arvesting of
31,770
m3 of logs in Magistralny and Ust-Ilimsk in Q2 2016 (Q2 2015:
29,704
m3).

-- Subcontracting
: Harvesting of
714
m3 of logs in Ust-Ilimsk subcontracted forest lease areas in Q2 2016 (Q2
2015:
82,816
m3).

-- Sawnwood
: Produced
17,838
m3 of sawnwood in Magistralny in Q2 2016 (Q2 2015:
18,467
m3).

-- Revenue
: Generated revenue of USD 5.8 million
in Q2 2016 (Q2 2015
: USD 4.9 million).
-- EBITDA
: Reported earnings before interest, taxes, depreciation and amortization
(“EBITDA”) of USD 3.0 million
in Q2 2016, including income from non-core forest lease sales (Q2 2015
: USD 0.3 million).
-- Profit for the period
: Recorded a net profit of USD 1.4 million
in Q2 2016 (Q2 2015
: net loss of USD 1.6 million).
-- Cash and Working Capital
: Closed the second quarter of 2016 with a cash balance of USD 12.5 million
(Q4 2015: USD 8.4 million) and positive working capital of USD 1.8 million
(Q4 2015: USD 2.5 million).

Six months 2016 Highlights

-- Harvesting
: Own h
arvesting of
152,891
m3 of logs in Magistralny and Ust-Ilimsk in 6M 2016 (6M 2015:
104,008
m3).

-- Subcontracting: Harvested 274,647 m3 of logs in Ust-Ilimsk subcontracted
forest lease areas in 6M 2016 (6M 2015: 345,231 m3).).

-- Sawnwood
: Produced
40,859
m3 of sawnwood in Magistralny in 6M 2016 (6M 2015:
40,245
m3).

-- Revenue
: Generated revenue of USD 13.2 million
in 6M 2016 (6M 2015
: USD 10.5 million).
-- EBITDA
: Reported earnings before interest, taxes, depreciation and amortization
(“EBITDA”) of USD 6.0 million
in 6M 2016 (6M 2015
: USD 2.3 million).
-- Profit for the period
: Recorded a net profit of USD 2.6 million
in 6M 2016 (6M 2015
: net profit of USD 0.2 million).

Management Comments

Anton Bogdanov, CEO of RusForest Management Company, commented:

“RusForest is happy to report a financially very strong second quarter, largely
due to the successful sales of non-core forest leases and recognition of profit
thereto.

RusForest has been working to optimize its forest lease portfolio and with the
successful conclusion of these most recent sales of non-core forest leases in
the Ust-Ilimsk production unit, the main phase of optimization is completed.

Both new business activities performed as expected and short term focus is
mainly on further improvement of the Ust-Ilimsk harvesting performance to
increase revenue and profitability further, however, RusForest is currently
also reviewing the long term technical strategy for the Magistralny sawmilling
operation, to ensure long term maximum output, efficiency and safety based on
available forest resources.”

Conference Call

The Company will hold a telephone conference today at 11:00 a.m. CEST 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/oktzttf6 or visit RusForest’s website at
www.rusforest.com and click on the link for the second quarter report 2016
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

Författare SSE

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.