News

SAF Tehnika has successfully participated in exhibition Animal Farm 9

2015.02.13

According to the agreement No. L-ĀTA-14-2194 (project No. ĀTA/2.3.1.1.1./14/62/027) concluded on between „SAF Tehnika” JSC and government institution „The Investment and Development Agency of Latvia” of a project „Participation of „SAF Tehnika” JSC in international exhibitions”, on February 6 company exhibited at “Animal Farm 9” which took place in Salt Lake City, Utah, USA.

 

During the exhibition „Animal Farm 9” there were presented Integra and CFIP product lines of „SAF Tehnika”, as well as microwave spectrum analyzer Spectrum Compact. The biggest part of “SAF Tehnika” visitors were wireless internet service providers from United States. 

„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 Consolidated Interim Report for Q2 and 6 months of financial year 2014/15

2015.02.04

SAF Tehnika non-audited consolidated net sales for the second quarter of financial year 2014/15 were 3.6 million EUR, increasing by 28% or 0.8 million EUR compared to the second quarter of the previous financial year. The consolidated non-audited net result of the “SAF Tehnika” for the second quarter of 2014/15 financial year was loss 96.7 thousand EUR and for the 6 months of 2014/15 financial year - profit 188 thousand EUR.

 

SAF Tehnika non-audited consolidated net sales for the second quarter of financial year 2014/15 were 3.6 million EUR, increasing by 28% or 0.8 million EUR compared to the second quarter of the previous financial year and being by 14% more than sales in the previous quarter – Q1 of FY 2014/2015. Sales in Europe and the CIS region represented the largest part of the 2nd quarter’s turnover (46%). Sales there rose by 68% or 0.68 million EUR compared with the same quarter of last financial year due to the Group’s ability to provide products and solutions specific for particular customer needs – like low latency data transmission, industrial applications where fiber is not available and others. CIS part is still small in the region’s sale. Sales in Asia Pacific, Africa and Middle East represented 10% of quarterly sales and were 29% less than in the 2nd quarter of the previous financial year, but 23% more than in the Q1 of current financial year. Regaining previous sales level in Africa countries is one of challenges for next periods. Sales in the North and Latin America formed 44% of total sales.

 

2014/15 financial year’s 6 month unaudited consolidated net turnover was 6.85 EUR, which represented 10% increase comparing with the revenues generated in the respective period of the previous financial year.

 

 SAF Tehnika’s the consolidated non-audited net result for the second quarter of 2014/15 financial year was loss 96.7 thousand EUR, being by 261 thousand EUR better result than for the quarter year before.

 

The consolidated non-audited net result of the 6 months of 2014/15 financial year was profit 188 thousand EUR which is achievement comparing with 227 thousand consolidated loss the Group ended 6 months period of previous financial year 2013/2014. 

 

SAF Tehnika net cash flow for the 6 month period of the financial year was positive – 966 thousand EUR.

 

 In 2015 there are no changes in the SAF Tehnika’s main focus on developing excellent quality microwave data transmission equipment with competitive price and functionality balance, besides the company is researching new niches to explore its microwave competence. Sales resources will be targeted to regions with highest potential. The Group is financially stable. The goal is to regain sales levels which ensures positive net result in a long-term. Due to intense competitive pressure the Board of the SAF Tehnika cannot provide certain prognosis for sales figures and operational results.

  

Profit/Loss Statement for 6 months period

31.12.2014

31.12.2013

 

EUR

EUR

Net sales

6 847 631

6 253 530

Other operating income

116 729

11 259

Total income

6 964 360

6 264 789

 

 

 

Direct cost of goods sold or services rendered

-4 073 035

-3 528 798

Marketing, advertising and public relations expenses 

-223 006

-267 837

Bad receivables

-55 203

-26 157

Operating expenses

-491 236

-607 393

Salaries and social expenses

-1 609 533

-1 576 101

Bonuses and social expenses

-124 721

-94 146

Depreciation expense

-180 258

-208 316

Other expenses

-19 130

-54 583

Operating expenses

-6 776 122

-6 363 329

 

 

 

EBIT

188 238

-98 540

 

 

 

Financial income (except ForEx rate difference) 

560

7 948

Foreign exchange +gain/(loss)

238 641

-128 353

Financial items

239 201

-120 405

 

 

 

Share of profit/(loss) of equity-accounted investees

-1 016

-8 975

 

 

 

EBT

426 423

-227 920

 

 

 

Corporate income tax

-238 069

0

 

 

 

Profit after taxes

188 354

-227 920

 

 

 

Net profit

188 354

-227 920

 

Consolidated statement of Financial position

31.12.2014

31.12.2013

CURRENT ASSETS

EUR

EUR

Cash and bank

5 078 671

2 398 886

Short-term investments

0

582 537

Customer receivables

 

 

      Accounts receivable

2 238 311

2 554 575

      Due from joint venture

12 959

45 829

      Allowance for uncollectible receivables

-424 490

-532 746

Total

1 826 780

2 067 658

Other receivables

 

 

      Other current receivables

114 889

3 248

      Short-term loans 

0

260 000

Total

114 889

263 248

Prepaid expenses

 

 

      Prepaid taxes

92 587

100 852

      Other prepaid expenses

106 930

113 827

Total

199 517

214 679

Inventories

 

 

      Raw materials

1 395 843

1 163 317

      Work-in-progress

1 882 278

1 707 002

      Finished goods

1 688 386

1 655 671

      Prepayments to suppliers

53 025

99 611

Total

5 019 532

4 625 601

TOTAL CURRENT ASSETS

12 239 389

10 152 609

NON-CURRENT ASSETS

 

 

Long-term financial assets

 

 

      Equity-accounted investments

8 806

24 315

      Investments in other companies

1 188

1 188

      Long-term receivables

28 938

0

      Deffered income tax 

98 683

123 194

Total

137 615

148 697

NON-CURRENT physical assets

 

 

      Plant and equipment

3 323 570

3 270 128

      Other equipment and fixtures

1 838 667

1 868 658

      Accumulated depreciation

-4 641 862

-4 536 030

      Other long-term assets

7 593

184

Total

527 968

602 940

Intagible assets

 

 

      Purchased licenses, trademarks etc.

200 243

202 369

      Other long-term intagible assets

500

28 696

Total

200 743

231 065

TOTAL NON-CURRENT ASSETS

866 326

982 702

TOTAL ASSETS

13 105 715

11 135 311

 

LIABILITIES AND OWNERS' EQUITY

31.12.2014

31.12.2013

CURRENT LIABILITIES

EUR

EUR

Debt obligations

 

 

   Short-term loans from financial institutons

4 547

12 605

   Customer prepayments for goods and services

282 866

74 385

   Accounts payable

798 743

774 899

   Tax liabilities

294 071

64 201

   Salary-related accrued expenses

247 551

200 487

   Debt to shareholders due to denomination of shares from LVL to EUR

59 403

0

   Provisions for guarantees

14 643

38 233

   Deffered income

1 073 506

0

   Prepaid revenue

0

1 396

TOTAL CURRENT LIABILITIES

2 775 330

1 166 206

OWNERS' EQUITY

 

 

   Share capital

4 158 252

4 226 185

   Paid in capital over par

2 851 725

2 851 725

   Other reserves

8 530

0

   Retained earnings

3 133 841

3 125 600

   Net profit for the financial year

188 354

-227 920

   Currency translation reserve

-10 317

-6 485

TOTAL OWNERS' EQUITY

10 330 385

9 969 105

TOTAL LIABILITIES AND OWNERS' EQUITY

13 105 715

11 135 311

 

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 subsidiary “SAF North America” LLC and  holds 50% of a joint-venture company “SAF Services” LLC. Both of the mentioned companies are operating from Denver, CO, USA serving North American market.

 

Attached:

SAF Tehnika Consolid nonaudited Interim report for Q2 and 6M of FY14_15.pdf

 

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

SAF North America has signed partnership deal with Tessco

2015.02.04

SAF North America is excited to enter into a distribution relationship with the premier test equipment distributor in North America, TESSCO. Considering TESSCO’s extensive knowledge and resources withing the wireless marketplace, SAF Tehnika has decided to entrust Spectrum Compact’s distribution in North America to its team of dedicated professionals.

 

Daniel White, Managing Director of SAF North America: „Tessco’s responsive and experienced test equipment sales team partnered with SAF Tehnika’s revolutionary Spectrum Compact and Signal Generator (SG Compact) product lines we believe will lead to an outstanding combination for the Service Providers, Private and Government agencies, and Microwave Backhaul Contractors and Integrators that rely on Tessco as a single source supplier.”


Currently TESSCO will become a major distributor of SAF Spectrum Compact and SG Compact product families in United States. SAF Spectrum Compact currently is available in five frequency bands – 2-8GHz; 6-12GHz; 10-18GHz; 17-24GHz and 24-40GHz, and is being sold separately or as a kit. SG Compact is available in 6-18GHz frequency bands with more frequencies to follow.

For more information visit SAF company’s landing page on TESSCO website.

 

SAF North America also takes part in the annual TESSCO ONE Innovation Showcase held on February 3-4 in AT&T Stadium, Dallas, Texas. Visitors will find SAF Tehnika at the booth #71 where they will be able to learn more about Spectrum Compact and SG Compact and get a hands-on experience.

 

Full press release: http://us7.campaign-archive1.com/?u=4e62570a1e355fa4501c44a4a&id=73521d9b18

SAF Tehnika joins UK's biggest online supply chain risk management community Achilles UVDB

2015.01.07

SAF Tehnika has joined Achilles UVDB  – an online supply chain risk management community. Achilles is one of the world’s largest providers of global supply chain risk management solutions, with 950 people working in 22 countries.

 

SAF Tehnika, which is among the world’s leading microwave data transmission equipment manufacturers and distributors, will now be able to share its capabilities in the field of wireless data transmission within various industry sectors in the UK and other European companies.

Achilles UVDB is used by over 1000 complex buying organisations across over 11 industry sectors to find suitably qualified suppliers. Achilles works to ensure suppliers’ information is accurate via data validation, and desktop and physical audits. Several buying organisations also use the community as an approved mechanism for tendering for contracts above and below EU threshold contracts – streamlining the procurement process.

Nikolay Redin, Sales Director for SAF Tehnika JSC in the UK said:  “Being a part of Achilles UVDB database once more reassures our existing and potential customers about SAF product compliance to the highest industry standards. Hopefully this cooperation will improve the overall quality of data transmission solutions within the government, utility and so many other industry sectors within the reach of Achilles network.”

Tom Grand, Regional Director for Achilles in the UK and Ireland points out: “By joining the biggest utilities supply chain risk management community in the UK, SAF Tehnika has put itself in the best position to be considered for work with UK utility buyers.” 

For more information about SAF Tehnika and its products visit www.saftehnika.com or follow us on 
LinkedIn, TwitterFacebook and YouTube.

 

Media Contacts 
- Edgars Dudko, PR and Marketing Manager for SAF Tehnika JSCedgars.dudko@saftehnika.com
Susie Carter, PR and Brand Manager for Achillespress.office@achilles.com

Denomination of shares from lats to euro

2014.12.29

AS “SAF Tehnika” informs that in accordance to the decision of annual general meeting that took place on November 28, 2014 to denominate share nominal value from lats to euro, the denomination date is set on January 15, 2015.

The Articles of association are registered within Commercial registry on December 18, 2014.

 

AS „SAF Tehnika” informs that the part of value (positive difference) arising as a result of denomination of shares from lats to euro will be paid out to the shareholders in the amount of EUR 0.02 per share on January 22, 2015.

 

The new Articles of association.

 

Additional information:
Aira Loite
COO, Member of the Board
+371 67 046 840
Aira.Loite@saftehnika.com

Excerpt from the minutes of the ordinary shareholder's meeting on 28th of November of SAF Tehnika

2014.12.04

Decisions adopted at the annual shareholder meeting on 28th November 2014

2014.11.28

1. Regarding denomination of shares from lats to euro and amendments to the Articles of Association.

 

1.1.To carry out denomination of shares of joint stock company “SAF Tehnika” from lats to euro, by fixing that the share capital after the denomination is divided into 2’970’180 (two million nine hundred seventy thousand one hundred eighty) shares with each share’s nominal value of EUR 1.40 (one euro and forty cents).

1.2.To fix that that the denomination calculation date of shares of joint stock company “SAF Tehnika” is 15th working day counting from date when new Articles of Association are approved in in Register of Enterprises of the Republic of Latvia.

1.3.To divide the value (positive difference) arising as a result of denomination of shares of joint stock company “SAF Tehnika” from lats to euro in the amount of EUR 67’933.39 (sixty-seven thousand nine hundred thirty-three euro and 39 cents) as follows:

1.3.1. to the reserves of joint stock company “SAF Tehnika” EUR 8529.79 (eight thousand five hundred twenty-nine euro and 79 cents)

1.3.2. to pay out for “SAF Tehnika” shareholders 0.02 (two cents) per each share; in total payout for shareholders amounts to EUR 59’403.60 (fifty-nine thousand four hundred three euro and 60 cents)

1.4.To approve the following amendments to the Articles of Association of joint stock company “SAF Tehnika”,

1.4.1. By expressing Clause 2.1 of the Articles of Association in a new wording:

“The share capital of the Company shall be EUR 4’158’252 (four million one hundred fifty eight thousand two hundred fifty two euro) which consists of 2’970’180 (two million nine hundred seventy thousand one hundred and eighty) shares. All shares shall be issued as securities.”

1.4.2. By expressing Clause 2.2 of the Articles of Association in a new wording:

“The par value of each share is EUR 1.40 (one euro and forty  cents). The share is indivisible.”

1.4.3. By including a chapter “3a. Extraordinary dividends” in a following wording:

“The Company can pay extraordinary dividends.

The Board shall convene a shareholders meeting to decide on the extraordinary dividend payout, if it receives a corresponding application from shareholders and those shareholders represent not less than 50% and one share of the Company's share capital.

The Board has rights to convene a shareholders meeting on the payout of extraordinary dividends on its own initiative, if it sees the financial or operational reasons.”

 

2. Approve the annual report of “SAF Tehnika” JSC and consolidated annual report of “SAF Tehnika” JSC and release the Board of Directors from responsibility for financial year 2013/2014. 

 

3. Pay dividends in amount of EUR 0.04 (four cents) per share or altogether EUR 118 807.20 (one hundred eighteen thousand eight hundred seven euro and twenty cents), but the remaining profit from financial year 2013/2014 retain as Jsc.”SAF Tehnika”’s retained earnings.

The record date is 15th December 2014. The payment date of dividends 22nd December, 2014.

 

4. Appoint KPMG Baltics SIA as the auditor of the “SAF Tehnika” JSC for the financial year 2014/2015 and determine the maximum remuneration for the auditor of the Annual Reports for the financial year 2014/2015 in the amount of EUR 12’000 (twelve thousand euro ), not including taxes provided by the legislative acts. Authorize the Board to sign the contract with the elected auditor for audit of the Annual Reports of „SAF Tehnika” JSC for the financial year 2014/2015. 

 

Aira Loite 

COO, Member of the Board 

+371 67 046 840

Aira.Loite@saftehnika.com

SAF Tehnika has successfully participated in exhibition AfricaCom 2014

2014.11.24

According to the agreement No. L-ĀTA-14-2194 (project No. ĀTA/2.3.1.1.1./14/62/027) concluded on between „SAF Tehnika” JSC and government institution „The Investment and Development Agency of Latvia” of a project „Participation of „SAF Tehnika” JSC in international exhibitions”, on November 11-13 company exhibited at AfricaCom 2014 in Cape Town, South Africa.

 

During the exhibition SAF Tehnika presented Integra, Lumina, Spectrum Compact, Marathon and PhoeniX product lines. The biggest interest from visitors was shown about the Integra, Spectrum Compact and CFIP Lumina. Visitors of „SAF Tehnika” stand were mainly from Africa’s southern region countries. 

 

„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.

 

Draft resolutions of ordinary shareholder's meeting of SAF Tehnika

2014.11.14

Draft resolutions of ordinary shareholder's meeting on 28th of November, 2014 of SAF Tehnika JSC can be found in pdf document seen below.

Attached: Draft resolutions 28th of November

 

 

Additional information:
Aira Loite  
COO, Member of the Board  
+371 67 046 840  
Aira.Loite@saftehnika.com

SAF Tehnika Consolidated Interim Report for Q1 of financial year 2014/2015 (1st July 2014 – 30th September 2014)

2014.11.05

The “SAF Tehnika” Jsc. non-audited consolidated net sales for the first quarter of financial year 2014/15 were 3.2 million EUR, decreasing by 6.3% or 0.2 million EUR compared to the first quarter of the previous financial year and being by 7.6% less than sales in the previous quarter – Q4 of FY 2013/2014.

The consolidated non-audited net profit for the first quarter of 2014/15 financial year was 285 thousand EUR, being by 155 thousand EUR more than for the quarter year before. The result was positively impacted by favorable EUR/ USD exchange rate.

 

The net cash flow for the 3 month period of the financial year was positive – 1.44 million EUR.

 

“SAF Tehnika” Jsc. will continue development of new, excellent quality microwave data transmission equipment by offering not only standardized products for general market, but by providing modifications according to specific customer requirements and looking for innovative ideas for application of microwave data transmission competence. Low latency solutions, data transmission in specific climate conditions, spectrum analyzer Spectrum Compact, and newly announced spectrum generator are examples of latest innovations. The Group is financially stable. The goal is to regain sales levels which ensures positive net result in a long-term. Due to intense competitive pressure the Board of the SAF Tehnika cannot provide certain prognosis for sales figures and operational results despite positive results of the reporting quarter.

 

Attached: Consolidated Interim Report for Q1 of financial year 2014/15 

 

Aditional information:

Edgars Dudko

Public Relations Specialist
+371 67 046 838, edgars.dudko@saftehnika.com

Upcoming events

March 2 - March 5

Mobile World Congress 2015

Barcelona, Spain
March 10 - March 14

CeBIT 2015

Hanover, Germany
March 25 - March 28

CCA Global Expo 2015

San Antonio, TX, USA
March 25 - March 25

Telecom Infra 2015

Maasgebouw, Rotterdam