Rusforest reported increase of revenues to USD 28.2 million in 2016 generating USD 9.7 million EBITDA (34.6% margin). The company increased sawlogs harvested volume by 38% to 398.2 thousand m3; and produced 86.9 thousand m3 of sawnwood in the period.
Anton Bogdanov, CEO RusForest Management Company, commented:
“2016 was another eventful year with many achievements by the Company. Both harvesting and sawmilling volumes increased year-on-year, as well as EBITDA and net profit. The new pellet mill successfully ramped up its production throughout the year and was running at full capacity in the last quarter of 2016. The newly launched own harvesting operations in Ust-Ilimsk also performed well and started to contribute positively to Company EBITDA. We made additional investments in machinery to ramp-up harvesting operations even more in 2017, as per the previously communicated planю
The сompany successfully managed to consolidate its forest lease portfolio in Ust-Ilimsk through the buy-out of the last minority shareholder among its Ust-Ilimsk entities – Taiga-2003. The financial result was significantly impacted by the sale of non-core forest lease assets in Magistralny and Ust-Ilimsk, which generated an income of USD 3.1 million. With the sale of these non-core forest leases we have largely optimised our forest lease portfolio.
In the last quarter of 2016, Dimesilia Holdings Ltd managed to acquire more than 90% of the shares of RusForest AB, through a public offer and in the stock market. Upon reaching more than 90% ownership Dimesilia requested compulsory acquisition of the remaining shares of RusForest pursuant to Chapter 22 of the Swedish Companies Act. On account thereof, the сompany applied for delisting of the RusForest shares from Nasdaq First North Stockholm, which was approved by Nasdaq Stockholm and executed on January 20, 2017.”
In 3Q2016 RusForest increased EBITDA margin to 26.6%
Earlier RusForest’s shares were delisted from Nasdaq First North Stockholm.
The company is a publicly-traded Swedish forestry company operating in Eastern Siberia and the Arkhangelsk region of Russia. The Company controls long-term timber leases and utilizes these resources to produce a wide range of sawnwood products.