Audited statements and Corporate Governance report of „SAF Tehnika” for financial year 2016/2017
24.10.17.
Audited statements and Corporate Governance report of „SAF Tehnika” for financial year 2016/2017
Net turnover of the “SAF Tehnika” Group in the 2016/ 2017 financial year was EUR 17.04 million, which is by 3.36 million euros or 19.6% higher than the previous financial year 2015/2016. The Group closed the FY 2016/2017 with profit of 1.747 million EUR, which is 822 thousand EUR more than the previous financial year. The Board of the Parent company proposes to pay dividend of 2 million euros.
“SAF Tehnika” publishes its audited consolidated and non-consolidated financial statements for financial year 2016/2017 (from July 1, 2016- June 30, 2017) according to paragraph 5 of section 56 of „Law on the Financial Instruments Market”.
Net turnover of the “SAF Tehnika” Group which consists of AS “SAF Tehnika” (hereinafter – the Parent) operating from Riga, Latvia, wholly owned subsidiaries “SAF North America LLC” and “SAF Services LLC” both registered in USA, in the financial year 2016/2017 was EUR 17.04 million, which is by 3.36 million euros or 19.6% higher than the previous financial year 2015/2016.
In the reporting year, the Group continued to work at the research and identification of customer-specific needs by developing and improving the offer of niche products. Additional revenue was drawn from the development of specific customer required functionality of AS “SAF Tehnika” products. There remains an increased demand for radio systems that provide enhanced data transmission rate and can be enhanced and updated in order to improve data usage. This tendency increasingly determines the direction of new product development both for AS “SAF Tehnika” and across the markets.
Exports made 99.36% of the turnover and amounted to EUR 16.93 million. During the reporting year, the Group exported its products to 77 countries worldwide.
“SAF Tehnika” has remained financially stable. At the end of the year, the Group’s net cash funds balance was EUR 6.5 million. The Group’s net cash flow was EUR 598 thousand for the period of 12 months of the reporting year.
During the reporting year, the Group invested EUR 368 thousand into IT infrastructure, production and research equipment, purchase of software and licenses, as well as product certification.
The Group's financial result for the reporting year 2016/2017 was a profit of 1.747 million EUR.
The Parent company’s financial result for FY 2016/2017 was a profit 1.675 million EUR.
The Board of the Parent company proposes to pay dividend of 2 million euros.
Notification on convocation of regular meeting of shareholders of JSC “SAF Tehnika” on 21 November, 2017
20.10.17.
The Board of Directors of “SAF Tehnika” JSC (Reg.No.40003474109, legal address: 24a, Ganibu dambis, Riga, LV-1005, Latvia) informs that it convenes a regular shareholders’ meeting on 21 November 2017 at 2.00 p.m., at “SAF Tehnika” JSC meeting room (24a, Ganibu dambis, Riga, Latvia).
Agenda:
Approval of report of the Board of Directors and the Supervisory Council;
Approval of the annual report for the financial year 2016/2017 and release the Board of Directors from responsibility for financial year 2016/2017;
Taking a decision regarding distribution of profit of financial year 2016/2017;
Appointment of the auditor for the financial year 2017/2018 and determination of reward for the auditor.
Shareholders and their representatives can submit draft decisions regarding the issues of the agenda to be discussed on the shareholders meeting until 27 November 2017 at “SAF Tehnika” administration (Ganibu dambis 24a, Riga, LV-1005) every working day from 9.00 a.m. to 5.00 p.m.
Draft resolutions on the issues of the agenda to be discussed on the shareholders meeting will be published on 7 November 2017. Draft resolutions will be available also on company’s webpage www.saftehnika.com, as well as at “SAF Tehnika” administration (Ganibu dambis 24a, Riga, LV-1005) every working day from 9.00 a.m. to 5.00 p.m.
Total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).
Shareholders can participate personally or delegate a representative.
Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is end of the day of 10 November 2016.
Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 21November 2017 from 1.30 p.m. until 2.00 p.m.
Shareholders at the registration have to present passport or other identification document. Representatives of shareholders at the registration have to show a power of attorney witnessed by a notary or a power of attorney legally equal to that and passport or other verifying document. The template of the power of attorney is available on company’s webpage www.saftehnika.com.
SAF Tehnika Consolidated Interim Report for Q4 and 12 months of financial year 2016/17
16.08.17.
For Q4 of the FY 2016/17, the Group's unaudited consolidated net turnover was EUR 5.12 million, which is by 38% or EUR 1.42 million more than in Q4 of the previous financial year. It is the highest sales volume over the past 10 years. The Group finished the closing quarter of the financial year with profit of EUR 583 thousand (unaudited). The unaudited consolidated result for the FY 2016/17 is the turnover of EUR 17.05 million and unaudited profit of EUR 1.73 million.
The major part of the quarter turnover was still made by sales in North/Latin Americas gaining 68% of the quarterly turnover. This region’s result is by EUR 1.38 million greater than in Q4 last year and exceeds the result in Q3 of this FY by EUR 1.2 million.
The European and CIS region gave 25% of the turnover in Q4 of FY2016/17. This turnover of the region is equal to last year`s turnover of the Q4 and exceeds the result in Q3 of this financial year by 16%.
The Group’s unaudited consolidated turnover for the financial year 2016/17 was EUR 17.05 million, which is a 24% increase compared to revenues of the previous financial year.
The unaudited consolidated result for the FY 2016/17 is the profit of EUR 1.73 million, which is by EUR 807 thousand more comparing to the Group’s result of the previous financial year when the profit was EUR 925 thousand.
The Group had a positive net cash flow during 12 months of the FY, equaling to EUR 599 thousand. As of the end of the reporting period, the Group’s net cash balance was EUR 6.5 million.
This financial year SAF Tehnika has received EUR 0.3 million as co-financing from EU funds to support product development and marketing activities. During this period EUR 270 thousand have been invested in fixed assets.
At the end of May, SAF Tehnika announced the launch of the innovative IoT (internet of things) environmental monitoring solution – Aranet. It is industrial level wireless monitoring solution that allows monitoring temperature, humidity and CO2 level in a wide range. This is SAF Tehnika` s attempt to expand its range of products in new sectors not related to its core business activities.
In period from April to June SAF Tehnika participated in 16 industry related exhibitions in North America, Europe, Asia and Latvia. AlsoSAF Tehnika blog was launched during this quarter. The blog is a place where company`s engineers, sales representatives, product managers and executives publish articles on industry news, etc.
SAF Tehnika is the company with the long-term competence in development and production of microwave radios. SAF Tehnika will proceed with its work on new high-quality products for the microwave data transmission market, providing not only standardized solutions, but also product modifications in order to meet customers’ special needs, as well as searching innovative ideas for applying microwave data transmission. The Group is financially stable. The goal of the Company is to stabilize sales levels to ensure a positive net result in the long term. The Board of SAF Tehnika maintains cautious optimism but cannot provide certain prognosis for sales figures and operational results.
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 Riga since 2004. SAF Tehnika wholly owns subsidiaries “SAF North America” LLC and “SAF Services” LLC. Both of the mentioned companies are operating from Denver, CO, USA serving North American market.
Additional information: Zane Jozepa CFO, Member of the Board +371 67 046 833 zane.jozepa@saftehnika.com www.saftehnika.com
Excerpt from the Minutes of the annual Shareholder’s meeting
Decisions adopted at the annual shareholder meeting on 28th November 2014
28.11.14.
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.
Additional information: Aira Loite COO, Member of the Board +371 67 046 840 Aira.Loite@saftehnika.com
Announcement About the Upcoming SAF Tehnika Shareholder Meeting
23.10.14.
For the attention of shareholders of „SAF TEHNIKA” JSC
The Board of Directors of “SAF Tehnika” JSC (Reg.No.40003474109, legal address: 24a, Ganibu dambis, Riga, LV-1005, Latvia) informs that it convenes a regular shareholders’ meeting on 28th November 2014 at 10.00 a.m., at “SAF Tehnika” JSC meeting room (24a, Ganibu dambis, Riga, Latvia).
Agenda:
Denomination of shares from lats to euro and amendments to the Articles of Association.
Approval of the annual report for the financial year 2013/2014 and release the Board of Directors from responsibility for financial year 2013/2014;
Taking a decision regarding distribution of FY 2013/2014 profit
Appointment of the auditor for the financial year 2014/2015 and determination of reward for the auditor.
It is foreseen to accept amendments to the Articles of Association about payout of extraordinary dividends and due to the denomination of nominal share value from lats to euro. Planned date of denomination: 15th (fifteenth) working day counting from date when new Articles of Association are approved in the Register of Enterprises of the Republic of Latvia.
Shareholders and their representatives can submit draft decisions regarding the issues of the agenda to be discussed on the shareholders meeting until 3th November 2014 at “SAF Tehnika” administration (Ganibu dambis 24a, Riga, LV-1005) every working day from 9.00 a.m. to 5.00 p.m.
Draft resolutions on the issues of the agenda to be discussed on the shareholders meeting will be published on 14th November 2014. Draft resolutions will be available also on company’s webpage www.saftehnika.com, as well as at “SAF Tehnika” administration (Ganibu dambis 24a, Riga, LV-1005) every working day from 9.00 a.m. to 5.00 p.m.
Total number of shares with a right to vote amounts to 2 970 180 (two million nine hundred seventy thousand one hundred eighty).
Shareholders can participate personally or delegate a representative.
Only persons or entities which are shareholders on the date of record will be entitled to participate in the shareholders’ meeting. The date of record is 21 November 2014.
Registration of participants will take place at the venue on the day of the shareholders’ meeting – on 28th November 2014 from 9.30 a.m. until 10.00 a.m.
Shareholders at the registration have to present passport or other identification document.
Representatives of shareholders at the registration have to show a power of attorney witnessed by a notary or a power of attorney legally equal to that and passport or other verifying document. The template of the power of attorney is available on company’s webpage www.saftehnika.com.
Financial year starts July 1 ends June 30 Q1- Jul, Aug, Sep.Q2- Oct, Nov, Dec.Q3- Jan, Feb, Mar.Q4 - Apr, May, Jun. prepared according LAS (Latvian Accounting Standards) Financial reports are prepared according to IFRS (International Financial Reporting Standards) and IAS (International Accounting Standards), unless stated otherwise.
Dividend Policy
SAF Tehnika has not adopted a written dividend policy but the Company has always paid 15% to 50% of net profit in dividends.
Financial Calendar
Financial calendar of JSC "SAF Tehnika" for FY 2017/2018
08.11.2017. - Non-audited financial results of Financial Year 2017/2018 for Q1.
07.02.2018. - Non-audited financial results of Financial Year 2017/2018 for Q2 and 6 months.
16.05.2018. - Non-audited financial results of Financial Year 2017/2018 for Q3 and 9 months.
15.08.2018. - Non-audited financial results of Financial Year 2017/2018 for Q4 and 12 months.
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