RusForest AB
RusForest Releases Third Quarter 2012 Interim Report
RusForest AB 30.11.2012 08:05 --------------------------------------------------------------------------- Stockholm, 2012-11-30 08:05 CET (GLOBE NEWSWIRE) -- Third quarter revenue up 48 percent from prior year RusForest AB (publ) ('RusForest' or the 'Company') (NASDAQ OMX: RUSF), a Swedish forestry company with operations in Russia, today released its third quarter 2012 interim report. Third Quarter Highlights -- Sawlogs : Harvested 259,063 cubic meters (2011: 115,740 cubic meters) and 623,594 cubic meters (2011: 338,422 cubic meters) of sawlogs during the three and nine months ended September 30, 2012, respectively. -- Sawnwood : Produced 88,559 cubic meters (2011: 56,962 cubic meters) and 223,705 cubic meters (2011: 167,810 cubic meters) of sawnwood during the three and nine months ended September 30, 2012, respectively. -- Revenue : Generated revenue of SEK 154.6 million (2011: SEK 104.4 million) and SEK 433.8 million (2011: SEK 299.5 million) for the three and nine months ended September 30, 2012, respectively. -- EBITDA : Recognized earnings before interest, tax, depreciation and amortization ('EBITDA') of SEK -32.4 million (2011: SEK -55.2 million) and SEK -193.9 million (SEK -116.1 million) for the three and nine months ended September 30, 2012, respectively. -- Working Capital : Closed the third quarter of 2012 with a cash balance of SEK 21.9 million and positive working capital of SEK 105.2 million. Management Comments Garrett Soden, the Company's CEO, commented, 'Our third quarter results show a seasonal improvement on the previous quarter due to a reliable supply of sawlogs and increased sawnwood production. We have reduced loss-making operations in Arkhangelsk, Shenkursk and Ust-Ilimsk, and we are focusing on our core operations at LDK-3, Boguchany and Magistralny. We continue to negotiate the sale of non-core assets and review strategic alternatives.' Impairment Review Management is conducting impairment tests for the Company's sawmills. The preliminary estimate of impairment is up to SEK 500 million and will be recognized in the year-end results to be released on March 15, 2013. The impairment expense is expected to cause the Company to breach its corporate bond covenant that requires the Company to maintain a consolidated debt-to-equity ratio of 75 percent. For further information, please see the Company's third quarter 2012 interim report. About RusForest RusForest is a Swedish forestry company operating in eastern Siberia and the Arkhangelsk region of Russia. The Company controls approximately 3 million hectares of timber through long-term leases with an annual allowable cut ('AAC') of approximately 3.6 million cubic meters. RusForest owns five sawmills in close proximity to its forest leases and is self-sufficient in raw material to produce more than 400,000 cubic meters per year of sawnwood products. The Company is listed on NASDAQ OMX Stockholm First North (ticker symbol 'RUSF'). RusForest's largest shareholder is Vostok Nafta, which owns approximately 29 percent of the Company's shares. RusForest AB's Certified Adviser on First North is Pareto Öhman AB. For additional information, please visit the Company's website at www.rusforest.com or contact: Mia O'Connor, Investor Relations, Telephone: +46 8 771 85 00 News Source: NASDAQ OMX 30.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: RusForest AB Sweden Phone: Fax: E-mail: Internet: ISIN: SE0001732728 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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