Interim report (Q1 and Q3)
SAF Tehnika Consolidated Interim Report for Q1 of financial year 2020/21
In the first quarter of the financial year 2020/2021, the Group's unaudited consolidated net turnover was 4.7 million euros, which is 18% more than in the first quarter of the FY 2019/2020. The Group ended the first quarter of the financial year 2019/2020 with a profit of EUR 378 thousand (unaudited).
Riga, 2020-11-11 07:51 CET --
The turnover in North and Latin Americas was 70% or EUR 3.28 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased less than twice as a result of successful sales transactions at the end of the previous quarter.
The turnover in Europe and CIS countries amounts to 19% or EUR 882 thousand, which is 50% less than in the first quarter of the previous financial year. The turnover of the AMEA (Asia, Middle East, Africa) region decreased by 4% compared to the corresponding quarter of the last financial year, and makes up 12% or EUR 544 thousand.
The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.
The Group ended the first quarter of the financial year 2020/2021 with a profit of EUR 378 thousand (unaudited). The result of the Q1 of the previous year was profit of EUR 258 thousand.
The Group’s net cash balance at the end of the period was 4.25 million euros.
During the Covid-19 pandemic, all offices and the manufacturing facility of SAF Tehnika were operating normally, the company manufactured and shipped its products worldwide. At the manufacturing facility, the work is organized in such a way as to minimize physical proximity, ensure frequent cleaning and the availability of disinfectants. The company accumulates enough materials, has adjusted supply chains and is able to fulfil most of the orders within normal lead times.
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. 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.
CFO, Member of the Board
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