Stockholm, 2013-03-15 08:11 CET (GLOBE NEWSWIRE) --
Fourth quarter revenue up 38 percent from prior year
RusForest AB (publ) (“RusForest” or the “Company”) (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, today released its year end 2012 report.
Fourth Quarter Highlights
- Sawlogs: Harvested 175,489 cubic meters (2011: 198,288 cubic meters) and 799,083 cubic meters (2011: 536,711 cubic meters) of sawlogs during the three and twelve months ended December 31, 2012, respectively.
- Sawnwood: Produced 68,886 cubic meters (2011: 53,778 cubic meters) and 292,591 cubic meters (2011: 221,588 cubic meters) of sawnwood during the three and twelve months ended December 31, 2012, respectively.
- Revenue: Generated revenue of SEK 152.9 million (2011: SEK 110.4 million) and SEK 564.3 million (2011: SEK 409.4 million) for the three and twelve months ended December 31, 2012, respectively.
- EBITDA: Recognized earnings before interest, taxes, depreciation and amortization (“EBITDA”) of SEK -84.4 million (2011: SEK -60.8 million) and SEK -278.3 million (SEK -176.9 million) for the three and twelve months ended December 31, 2012, respectively.
- Working Capital: Closed the fourth quarter of 2012 with a cash balance of SEK 16.4 million and positive working capital of SEK 50.7 million.
Impairment Review
In Q4 2012, RusForest reviewed its assets and recognized an impairment expense of SEK 499.2 million, which is in line with the estimate communicated in Q3 2012. The impairment included SEK 176.3 million expensed for the Arkhangelsk forest leases. In addition, the Company recognized an impairment loss of SEK 165.6 million related to property and equipment in its core operations. The remaining expense of SEK 157.3 million related to discontinued operations. The expected breach of the corporate bond covenant from the impairment was remedied by the bond restructuring approved in Q1 2013.
About RusForest AB
RusForest is a Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company is listed on NASDAQ OMX Stockholm First North (ticker symbol “RUSF”).
RusForest AB's Certified Adviser on First North is Pareto Öhman AB.
For additional information, please visit the Company’s website at www.rusforest.com or contact:
Mia O’Connor, Investor Relations, telephone: +46 8 771 85 00
