Riga, 2017-10-24 15:08 CEST (GLOBE NEWSWIRE) --
“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.
Attachments:
Audited Consolidated financial statements and Separate financial statements for “SAF Tehnika” for the year ended 30 June 2017.
Corporate Governance report for financial year 2016/2017.
Additional information:
Zane Jozepa
CFO, Member of the Board
+371 67 046 833
Zane.Jozepa@saftehnika.com
www.saftehnika.com
