Annual Financial Report
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.
Rīga, 2018-10-19 08:11 CEST --
“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.
Audited Consolidated financial statements and Separate financial statements for “SAF Tehnika” for the year ended 30 June 2018
Corporate Governance report for financial year 2017/2018
CFO, Member of the Board
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