Annual Financial Report
Audited statements and Corporate Governance report of „SAF Tehnika” for financial year 2018/ 2019
Net turnover of the “SAF Tehnika” Group in the 2018/ 2019 financial year was 14.44 million euros, which is by 1.03 million euros or by 7.7% higher than in the previous financial year 2017/2018. The net turnover of the Parent company in FY 2018/2019 was EUR 11.87 million, which is by EUR 0.7 million higher than in the previous FY 2017/2018. The Board of the Parent company proposes to cover the loss from undistributed profits of previous years.
Riga, 2019-10-29 15:12 CET --
“SAF Tehnika” publishes its audited consolidated and non-consolidated financial statements for financial year 2018/ 2019 (from July 1, 2018- June 30, 2019) according to Section 56th, 5th paragraph of „Law on the Financial Instruments Market”.
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.
During the financial year, development of several new products has been completed and the first installations have been implemented for users, while continuing work on innovation and product development. The life cycle of products for microwave wireless data transmission equipment in the industry lasts for about 5 years, when obsolete products are replaced by the equipment of a newer generation. The process of transition between technologies is gradual and will happen over several years.
Exports made 97.12% of the turnover and amounted to EUR 14.02 million. During the reporting year, the Group exported its products to 81 countries worldwide.
During the reporting year, the Group invested EUR 460 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 2018/ 2019 with loss of 414 thousand euros.
The Parent company’s financial result for FY 2018/2019 was a loss 321 thousand EUR. resulting from the investment of funds to promote sales in the new market segments, as well as related to the variable share of specialized projects.
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 2019.
Corporate Governance report for financial year 2018/ 2019.
CFO, Member of the Board
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