“SAF Tehnika” publishes its audited consolidated and non-consolidated financial statements for financial year 2013/2014 (from July 1, 2013- June 30, 2014) according to Section 56th, 5th paragraph of „Law on the Financial Instruments Market”

Net turnover of the “SAF Tehnika” Group which consists of SAF Tehnika AS (hereinafter – the Parent) operating from Riga, Latvia, a wholly owned subsidiary “SAF North America LLC” and a joint-venture company “SAF Services LLC” where the Parent holds 50% of the company’s shares, in the 2013/ 2014 financial year was EUR 12.03 million or 9.9 % less than in the previous financial year (2012/ 2013). Considering the decline in demand in microwave radio market worldwide and the fierce competition, in the reporting year the Group performed its historically wide sales market assessment, focusing consequently on markets with strategically greater potential and decreasing resource involvement in less perspective regions. Also, Group’s assessment and identification of the needs of specific customers was aimed to develop niche product supply. Additional revenue was drawn from the development of specific customer required functionality of SAF Tehnika products and from technical consultations provided for network planning and construction.

Export accounts for 97.2% of the turnover and was 11.69 million EUR. In the reporting period Group’s production was exported to 79 countries worldwide.

To increase its competitiveness, the Group was searching for a possible object as to reduce product, manufacturing and other costs. In result, Group’s operational costs in the reporting year did not exceed budget levels, and, compared to the previous year, decreased for 10%.

SAF Tehnika has secured its financial stability. Group’s net cash flow was positive regarding the 12 month period and constituted 1.27 million EUR.

In the reporting period, the Group invested 242 thousand EUR into IT infrastructure, production and research equipment, software, licenses and product certification purchases.

The “SAF Tehnika” Group finalized financial year 2013/ 2014 with a profit of 127 thousand EUR.

The Parent company’s financial result for 2013/2014 was a profit 119 thousand EUR.

The main difference between interim non-audited consolidated statements (published on August 13, 2014) for FY 2013/2014 and audited statements is due to corrections in reevaluation of long-term investments.

Attachments:

Audited consolidated Financial statements for “SAF Tehnika” for year ended 30 June 2014

Audited non - consolidated Financial statements for “SAF Tehnika” for year ended 30 June 2014

Corporate Governance report for financial year 2013/2014

Aira Loite
COO, Member of the Board
+371 67 046 833
Aira.Loite@saftehnika.com