OREANDA-NEWS. May 06, 2013. Rusforest Group’s total turnover for 2012 amounted to SEK 564.3 million (USD 85.5 million) compared to SEK 409.4 million (USD 62 million) in 2011, as the company said in a press release received by Lesprom Network.

Rusforest Group’s results were affected by the inclusion of income and expenses of the acquired subsidiaries (Kansky, Adar and the NTG companies), making the data for 2012 not comparable to the ?gures reported in 2011.

The Group’s net loss for 2012 was SEK 1,086.1 million (USD 164 million). Included in the current year’s result was a loss of SEK 521.8 million (USD 79 million), which related to the impairment of assets (both continued and discontinued).

Exported sawnwood remained the main product of the Company, accounting for 63% of revenue in 2012.

The Group shipped 255,433 cubic metres of sawnwood in 2012 (excluding Shenkursk) compared with 212,063 cubic metres in 2011 (excluding Shenkursk). The increase of 20 % is attributable to the full year production in Magistralny and better supply of sawlogs in Boguchany following development of own harvesting in Boguchany.

Revenue increased at a higher rate than volumes of sales as the increase is attributable to the sales from Siberia where the price includes transportation to port. The increase in volumes was offset by downscaling in Ust-Ilimsk. In November 2012, the Company shutdown the Shenkursk sawmill and recognized it as an asset held for sale at 31 December 2012. Therefore, Shenkursk revenue and shipment volumes were excluded from continued operations data.

The results in 2012 did not improve from 2011 due to continued low price realizations, partially because of the depressed market situation and low utilization of existing capacity. As a result, the Group initiated a restructuring transaction in December 2012 with the goal of improving local execution, accessing new higher value markets like Japan and strengthening the Company’s financial position.

RusForest is a 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 range of high-quality sawnwood products.