RusForest shrinks Q2 net loss to 77.1M Swedish kronor from 184.8M a year earlier on revenue of $135.7M compared with 153.6M in Q2 2012; CEO highlights organizational, operational changes following addition of Nova Capital as major shareholder
August 30, 2013
– Reduced EBITDA loss by 68 percent from the comparable period
RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, today released its second quarter 2013 interim report.
Second Quarter Highlights
• Sawlogs: Harvested 86,287 cubic meters of sawlogs (2012: 101,057 cubic meters) during the three months ended June 30, 2013.
• Sawnwood: Produced 55,670 cubic meters of sawnwood (2012: 55,638 cubic meters) during the three months ended June 30, 2013.
• Revenue: Generated SEK 135.7 million of revenue (2012: SEK 153.6 million) for the three months ended June 30, 2013.
• EBITDA: Reduced operating losses as measured by earnings before interest, taxes, depreciation and amortization (“EBITDA”) by 68 percent to SEK -27.8 million (2012: SEK -87.1 million) for the three months ended June 30, 2013.
• Net Loss: Recorded a net loss of SEK 77.1 million (2012: net loss of SEK 184.8 million) for the three months ended June 30, 2013.
• Working Capital: Closed the second quarter of 2013 with a cash balance of SEK 82.1 million and positive working capital of SEK 52.4 million.
Matti Lehtipuu, the Company’s new CEO, commented, “The second quarter included several organisational and operational changes at RusForest following the addition of Nova Capital as the new major shareholder in March 2013. Despite the many changes, we reduced our overall EBITDA loss by 68 percent from the prior year. Our progress is somewhat limited by the seasonal slowdown in log hauling during the second quarter in Russia. However, the focus of the Company continues to be on cash flow and profitability instead of absolute volumes.”
Management will host a telephone conference today at 11:00 a.m. CET in order to review the second quarter 2013 results. Dial-in instructions and a presentation are available on the Company’s website at www.rusforest.com.
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. 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 symbol “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Öhman AB.