SAF Tehnika Consolidated Interim Report for Q3 and 9 months of financial year 2018/2019
15.05.19.
For Q3 of the FY 2018/2019, the Group's unaudited consolidated net turnover was 3.65 million euros, which is by 25% more than in Q3 of the FY 2017/2018. The Group closed Q3 with the loss of 22 thousand euros (unaudited). The Group’s unaudited consolidated turnover for the 9-month period of the FY 2018/2019 was 10.61 million euros.
The turnover in North/Latin Americas was 66% or 2.4 million euros. Compared with the turnover of the same quarter last financial year, the region’s turnover increased by 40%. It is the highest quarterly turnover since the beginning of the previous FY 2018/2019.
Sales in the European and CIS region is 25%, or 926 thousand euros, which is equivalent to the result of the Q3 of the previous financial year.
The Group’s products were sold in 54 countries during the reporting quarter.
The Group’s expenditures did not exceed the planned levels, but were generally higher than during this period a year ago, due to investments in existing and new market segments to promote sales
The Group finished the Q3 of the FY 2018/2019 with losses of 22 thousand euros (unaudited). The net result of the Group’s activities was positively influenced by the USD / EUR exchange rate. There was a loss of 353 thousand EUR in the third quarter of the previous year
During 9 months of the financial year, the Group had a positive net cash flow equaling to 1.1 million euros. The Group’s net cash balance was 4.2 million euros at the end of the period.
SAF Tehnika is the company with the long-term competence in development and production of microwave radios.
SAF Tehnika continues to expand its product range. In early March, a new microwave radio product – Integra E – with a data transfer rate of up to 10 Gbps was put on sale. The product is designed for customers who require high data rates. In addition, SAF Tehnika continues to develop the group of Aranet products. As the biggest news, Aranet4 (https://aranet4.com/) can be mentioned – an indoor air quality monitoring tool designed for both home users and as an integrated solution for business customers. Aranet4 measures CO2 (and notifies when its level in the room is exceeded), temperature, relative humidity and atmospheric pressure.
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.
SAF Tehnika Consolidated Interim Report for Q2 and 6 months of financial year 2018/2019
13.02.19.
For Q2 of the FY 2018/2019, the Group's unaudited consolidated net turnover was 3.9 million euros, which is by 10% more than in Q2 of the FY 2017/2018. The Group closed Q2 with the loss of 149 thousand euros (unaudited). The unaudited consolidated result for 6 months of the FY 2018/2019 is the loss of 490 thousand euros.
Most of the quarterly turnover was made by sales in North/Latin Americas region – 57% or 2.2 million EUR. It was related to specific project realization in the region and is the highest quarterly turnover since the beginning of the previous FY.
Turnover in Europe and CIS region composes 37% or EUR 221 thousand EUR, which is equal to the result of the previous Q2.
The Group’s products were sold in 52 countries during the reporting quarter.
The Group’s unaudited consolidated turnover for the 6-month period of the FY 2018/2019 was EUR 6.96 million, which is a 7% decrease compared to the last fiscal year’s revenues in the same period. Turnover fluctuations are affected by the difference in the results of Q1.
During the reporting period, SAF Tehnika participated in trade fairs, including the US largest exhibition for wireless internet service providers (WISP) – WISPAPALOOZA in Las Vegas, as well as in the largest African technology event – AfricaCom, and in the largest technology exhibition of the Middle East, Gitex, held in Dubai, UAE.
The Group continues to explore market demand and problematic issues in order to be able to provide necessary product modifications, as well as continued investments in product development, increasingly focusing on the diversification of its product portfolio.
The Company’s goal is to stabilize sales levels to ensure a positive net result in the long term. The Board of SAF Tehnika retains caution and refrains from making certain predictions regarding future sales volumes and financial 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, the USA serving North American market.
Chairman of SAF Tehnika JSC Supervisory Council has been elected
27.11.18.
On 20 November, 2018 during shareholders` meeting of SAF Tehnika JSC a Supervisory Council of the Group was elected for 3-year term.
During the first meeting, the Supervisory Council has elected its Chairman and Vice-chairman.
Juris Ziema, a long-term vice-Chairman of the Council and Director of production at SAF Tehnika JSC, has been elected as the Chairman of the Council. Whereas Andrejs Grisans a chief of production department was elected as Vice-Chairman of the Council. Other members of the Council are Ivars Šenbergs, Aira Loite, Sanda Šalma.
More information about the members of the Council is available on the website of SAF Tehnika JSC.
SAF Tehnika Consolidated Interim Report for Q1 of financial year 2018/19
14.11.18.
In the first quarter of the financial year 2018/2019, the Group’s unaudited consolidated net turnover was 3 million euros, which is by 23% less compared to the first quarter of the financial year 2017/2018. Sales volumes during the period are equivalent to the results of Q4 of FY 2017/2018.
The region of North/Latin Americas had the turnover of 69%, or 2.1 million euros, being 14% lower compared with the same quarter of the previous financial year. However, it exceeds the final quarter results of the previous financial year by 20%, or 345 thousand euros.
The turnover in the AMEA (Asia, Middle East, Africa) region was 11%, or 0.3 million euros. The region’s turnover increased by 16% compared with the same quarter of the previous financial year.
A noteworthy event during the period was the involvement of SAF Tehnika to ensure the live broadcast of the visit of His Holiness the Pope Francis in Latvia, by providing a portable link solution.
The Group’s costs did not exceed the planned levels and were generally equivalent to those of the same period in the previous year. The Group continues to invest in the development of new products and product modifications.
The Group closed Q1 of the FY 2018/2019 with loss of 341 thousand euros (unaudited), contrary to the profits of the first quarter in the previous financial year.
The Group’s net cash balance at the end of the period was 3.31 million euros.
SAF Tehnika is the company with the long-term competence in development and production of microwave radios.
The Group continues to explore market demand and problematic issues in order to be able to provide necessary product modifications, as well as continues investments in product development, increasingly focusing on the diversification of its product portfolio. The goal of the Company is to stabilize sales levels to ensure a positive net result in the long term.
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.
DRAFT RESOLUTIONS FOR ANNUAL SHAREHOLDERS MEETING TO BE HELD ON 20 NOVEMBER, 2018
07.11.18.
1. The approval of the reports of the Board of Directors and Supervisory Council.
Decision: to approve the reports of the Board of Directors and the Supervisory Council for financial year 2017/2018.
2. The approval of the annual financial statements for financial year 2017/2018 and release the Board of Directors from responsibility for financial year 2017/2018.
Decision: to approve the consolidated and separate financial statements of “SAF Tehnika” JSC for financial year 2017/2018 and release the Group`s Board of Directors from responsibility for financial year 2017/2018.
3. Covering of losses incurred in FY 2017/2018 by undivided profit from previous periods and retaining the part of undivided profit from previous periods as retained earnings.
Decision: Cover the losses of the “SAF Tehnika” JSC incurred in financial year 2017/2018 in amount of EUR 199 478 (one hundred ninety nine thousand four hundred seventy eight euros ) by retained earnings from previous periods. Retain the part of undivided profit from previous periods in amount of EUR 2 738 484 (two million seven hundred thirty eight thousand four hundred eighty four euros) as retained earnings.
4. Appointment of the auditor for the financial year 2018/2019 and determination of the reward for the auditor.
Decision: Decision has not been taken yet
5. Election of the Members of the Supervisory Council.
Decision: As of November 20, 2018 to recall from the position of member of the Supervisory Council - Juris Ziema, Andrejs Grisans, Ivars Senbergs, Aivis Olsteins.
To elect the Supervisory Council of the joint stock company “SAF Tehnika” for a three year term in the following composition - Juris Ziema, Andrejs Grišāns, Ivars Šēnbergs, Sanda Šalma, Aira Loite with the beginning of term of office on November 20, 2018
Information about candidates of the Members of the Supervisory Council:
Juris Ziema, co-founder of the Company, also previously holding the office of Vice-Chairman of the Supervisory Council and being the Production Department Director of the Company. From 1998 to 1999 he worked as an engineer at Didzis Liepkalns private enterprise SAF. From 1987 to 1999 J.Ziema worked as an engineer at the Institute of Electronic Engineering and Computer Sciences. J.Ziema has graduated Riga Technical University with a degree in radio engineering in 1987. J.Ziema owns 258 762 Company’s shares.
Andrejs Grisans, previously holding the office of the Member of the Supervisory Council and being the deputy director of Production Department of the Company. A.Grisans is one of the co-founders of the Company. Prior to joining the Company, he owned and managed a private company specializing in electronic equipment engineering, production and distribution. From 1992 to 1999 A.Grisans was involved in business activities in the field of radio engineering. He worked as an engineer-constructor at the Institute of Polymer Mechanics from 1984 to 1992 and in the constructing bureau Orbita from 1980 to 1984. A.Grisans has graduated Riga Technical University with a degree in radio engineering in 1980. A.Grisans owns 297 888 Company’s shares.
Ivars Senbergs, also previously holding the office of the Member of the Supervisory Council, also Chairman of the Board of SIA Juridiskais Audits, SIA Namipasumu parvalde, SIA Synergy Consulting, SIA Dzirnavu centrs, SIA IŠMU,. From 1999 until 2000 he worked as Finance and Administrative Director at SIA Fortech. I. Senbergs has graduated Faculty of Law, University of Latvia in 1986. I. Senbergs owns 2 Company’s shares.
Sanda Šalma, employed by Microsoft Latvia, currently Small and Medium Business Lead for Baltic countries. From 2010 to 2012 worked for a developer company RIX Technologies, participated in the work group of Latvian IT Cluster. From 2008 to 2010 was Citizenship & Education Project Lead at Microsoft Latvia. From 2000 to 2006 she was Sales Account Manager at Baltic Transshipment Center sales in Baltics and St. Petersburg. She has graduated The University of St.Petersburg and holds BSc in Psychology and MBA from RISEBA and Salford University, UK. S. Šalma - does not own Company’s shares.
Aira Loite, since 2016 is Chief Financial Officer at Torgy Mek Group's and at the same time (since May 2018) also Director of SIA "Torgy Baltic" Ltd. From 2007 to 2015 she has been the Member of the Board of JSC "SAF Tehnika" and Director of Finance and Administration, and Managing Director since the end of 2011. From 2006 to 2007 she was Director of Business Information and Control Division at Lattelecom. From 2000 to 2006 she was a Member of the Board of Microlink Latvia and Head of Finance and Administration. A. Loite has graduated the University of Latvia in 1988 and holds Bachelor degree in Mathematics and MBA from Salford University, UK, obtained in 2009. A.Loite owns 7700 Company’s shares.
6. Authorization of the Supervisory Council to perform tasks of Revision Committee.
Decision: Authorize the Supervisory Council to perform the tasks of Revision Committee prescribed in legislation.
Audited statements and Corporate Governance report of „SAF Tehnika” for financial year 2017/ 2018 Net turnover of the “SAF Tehnika” Group in the 2017/ 2018 financial year was 13.41 million euros, which is by 3.63 million euros, or 21.3% less than in the previous financial year 2016/2017. The net turnover of the Parent company was 11.17 million euros in FY 2017/2018, which is 3.46 million euros less than last FY 2016/2017. The Board of the Parent company proposes to cover the loss from undistributed profits of previous years.
“SAF Tehnika” publishes its audited consolidated and non-consolidated financial statements for financial year 2017/2018 (from July 1, 2017- June 30, 2018) 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, wholly owned subsidiaries “SAF North America LLC” and “SAF Services LLC”, in the 2016/ 2017 financial year was EUR 13.41 million, which is by 3.63 million euros or 21.3% less than in the previous financial year 2016/2017.
Fluctuations in turnover for all regions are affected by variable proportion of projects, replacement of equipment generations, and product audits, especially in the segments of standard equipment.
In the reporting year, in order to minimize fluctuations in turnover, the Group continued its effort to research and identify by developing and improving the niche product offerings, increasingly focusing on the diversification of its product portfolio. Therefore, prototypes for the next generation equipment have been made and will be marketed during the next financial year. The technology transition process is gradual and will happen over several years.
Exports made 98.85% of the turnover and amounted to EUR 13.41 million. During the reporting year, the Group exported its products to 76 countries worldwide.
During the reporting year, the Group invested EUR 344 thousand into IT infrastructure, production and research equipment, purchase of software and licenses, as well as product certification.
The Group's closed the financial year 2017/2018 with loss of 219 thousand euros.
The Parent company’s financial result for FY 2016/2017 was a loss 199 thousand EUR. A significant difference is related to the successful implementation of customer-tailored niche projects in the past fiscal year, as well as to the stages of the product life cycle, investments in the development of new products and modifications for existing products.
The Board of the Parent company proposes to cover the loss from undistributed profits of previous years.
SAF Tehnika Consolidated Interim Report for Q4 and 12 months of financial year 2017/18
15.08.18.
For Q4 of the FY 2017/18, the Group's unaudited consolidated net turnover was EUR 3 million, which is by 40% lower than in Q4 of the previous financial year, when the highest sales volume over the past 10 years had been reached. The sales turnover of the quarter is by 3% higher than in the previous - third quarter. The Group finished the closing quarter of the financial year with a profit of EUR 6 thousand (unaudited). The unaudited consolidated result for the FY 2017/18 is the turnover of EUR 13.04 million, but the unaudited result is a loss of EUR 214 thousand (EUR 170 thousand of it is fluctuations in EUR/USD exchange rate).
The major part of the quarter turnover is made by sales in North/Latin Americas - 58% or EUR 1.75 million of the quarterly turnover. The result is by 50% lower than in the respective quarter of the previous financial year due to the implementation of a specific project in the specified region last year.
The European and CIS region gave 32% or EUR 954 thousand of the turnover in quarter four. The turnover in the region is equivalent to the average turnover in the region.
The Group’s unaudited consolidated turnover for the financial year 2016/17 was EUR 13.4 million, which is a 21% decrease compared to revenue for the previous financial year. Fluctuations in turnover depend on the growing percentage of projects, replacement of equipment generations and product portfolio auditing, especially in segments of standard equipment.
The unaudited consolidated result for the FY 2017/18 is the loss of EUR 214 thousand, compared to the Group’s result of the previous financial year when the profit was EUR 1.7 million.
The Group’s costs did not exceed the planned levels, but were generally higher than during the same period a year ago due to investments in the development of new products that are expected to enter the market in the coming financial year.
In period from April to June, SAF Tehnika participated in several important industry-related exhibitions in North America and Europe. Including NAB Show, this is the largest trade show for U.S. broadcasters, and Tradetech exhibition in the Netherlands, which is dedicated to financial solutions.
During the reporting period Aranet product line was launched in U.S., as well as new sensors were presented. To promote Aranet an information campaign on carbon dioxide gas hazards at schools was launched. The prepared animation can be seen at Aranet website or YouTube channel.
SAF Tehnika is a 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.
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.
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 2018/2019
14.11.2018. - Non-audited financial results of financial year 2018/2019 for Q1.
13.02.2019. - Non-audited financial results of financial year 2018/2019 for Q2 and 6 months.
15.05.2019. - Non-audited financial results of financial year 2018/2019 for Q3 and 9 months.
14.08.2019. - Non-audited financial results of financial year 2018/2019 for Q4 and 12 months.
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