RusForest AB, a Swedish forestry company with operations in Russia, today released its first quarter 2014 report.
First quarter highlights include:
- Sawlogs from continuing operations: Harvested 113,459 cubic meters of sawlogs (2013: 160,977 cubic meters) during the three months ended 31 March 2014.
- Sawnwood from continuing operations: Produced 48,534 cubic meters of sawnwood (2013: 46,785 cubic meters) during the three months ended 31 March 2014.
- Revenue from continuing operations: Generated USD 17.9 million of revenue (2013: USD 18.1 million) for the three months ended 31 March 2014.
- Adjusted EBITDA from continuing operations: Reported adjusted earnings before interest, taxes, depreciation and amortization of USD 1.4 million (2013: USD -2.3 million) for the three months ended 31 March 2014.
- Profit from discontinued operations: Recorded a profit of USD 0.1 million from discontinued operations (2013: loss of USD 6.0 million).
- Net Loss: Recorded a net loss of USD 3.2 million (2013: net profit of USD 28.9 million after USD 41.4 million gain on bond restructuring) for the three months ended 31 March 2014.
- Cash and Working Capital: Closed the first quarter of 2014 with a cash balance of USD 3.5 million and positive working capital of USD 7.2 million.
Matti Lehtipuu, the Company’s Group CEO, commented: “2014 started well for RusForest as we delivered positive EBITDA for the first time in the company’s history. RusForest is on the right track. Our continued operational improvement measures are delivering results, and our sale of non-core assets is strengthening our financial position. Our Q2 2014 earnings will likely suffer from seasonality, but we are pleased with our progress to date.”
As of 31December 2013, the Boguchany business segment was classified as held for sale and its 2013 and 2014 results were included in the financial results as discontinued operations.
