SAF: Audited statements and Corporate Governance report of „SAF Tehnika” for financial year 2014/2015
Net turnover of the “SAF Tehnika” Group which consists of SAF Tehnika AS (hereinafter – the Parent) operating from Riga, Latvia, a wholly owned subsidiaries “SAF North America LLC” and “SAF Services LLC”, in the 2014/2015 financial year was EUR 12.85 million, which is EUR 827 thousand or 6.9% more than in the previous financial year 2013/ 2014.
During the reporting year the Group worked on assessing and identifying the needs of specific customers by developing a niche product offering. Additional revenue was drawn from the development of specific customer required functionality for SAF Tehnika products and from technical consultations provided for network planning and construction. There is a clearly growing demand for radio systems, which ensure increased speed of data transmission and which can be developed or renewed in order to increase their data transmission capacity. Such demand trends increasingly determine the direction of development both for SAF Tehnika and the market in general.
During the reporting year SAF Tehnika purchased the remaining 50% shares of SAF Services, thus becoming the sole owner of SAF Services. In the future the Group plans on using SAF Services to market other new products of SAF Tehnika in the North American market.
Export accounts for 97.26% of the turnover and constituted EUR 12.5 million. In the reporting period the Group's products were exported to 89 countries worldwide.
The Group’s net cash flow as at the year-end amounted to EUR 4.32 million. The Group has reserved part of the free cash funds in the amount of EUR 1.89 million for short-term investments. The Group's net cash flows for the 12 months of the financial year amounted to EUR 238 thousand.
During the reporting year the Group invested EUR 445 thousand to purchase IT infrastructure, production and development equipment, software and licences, as well as to certify products.
The Group's financial result for the reporting year 2014/2015 was a profit of EUR 1 279 thousand.
The Parent company’s financial result for 2014/2015 was a profit 1 223 thousand EUR.
The Board of the Company suggests that dividends in the amount of EUR 1 million be distributed to shareholders, and EUR 223 thousand be retained undistributed.