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2016-03-31

RusForest Releases Year End Report 2015

rapport

RusForest Releases Year End Report 2015

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

-- 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).
-- Subcontracting
: Harvested
216,829
m3 of sawlogs in Ust-Ilimsk forest lease areas in Q4 2015 (Q4 2014: 106
,
379 m3).
-- Sawnwood
: Produced 22,488 m3 of sawnwood in Magistralny in Q4 2015 (Q4 2014: 21,368
m3).
-- Wood Pellets
: Produced 1,847 tonnes of pellets in Q4 2015 (Q4 2014: 0 tonnes).
-- Revenue
: Generated revenue of USD 6.4 million
in Q4 2015 (Q4 2014
: USD 7.1 million).
-- 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.
-- 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).

-- Revenue
: Generated revenue of USD 22.0 million
in 2015 (2014
: USD 27.4 million).
-- 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

Författare SSE

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