RusForest is a forestry company operating in Eastern Siberia in Russia
Timber (Forests)
Lease area: 716,987 ha
AAC: 1,063,860 m3
Own harvesting: 550,000 m3

Capacity: 90,000 m3

Wood pellets
Capacity: 30,000 tonnes per year

RusForest value chain

514,798 hectares leased
Annual Allowable Cut 725,700 m3
202,189 hectares leased
Annual Allowable Cut 338,160 m³

The Magistralny unit is located in the Irkutsk region, Eastern Siberia. The forest lease areas are located in Kazachinsko-Lensky district, Irkutsk region.
Forest resources
The Company controls four forest leases covering an area of 514,798 hectares, with an AAC of 725,700 m3. Within the leased areas there is a high concentration of mature softwood, predominately pine and larch (80%).
RusForest Magistralny’s project "Construction of a wood processing plant for the production of dry sawnwood is included in the list of priority investment projects in the forest industry by the Ministry of industry and energy of the Russian Federation No. 942 dated 13.07.2011. The project foresees the construction of a manufacturing complex, including:
• Wood processing plant for the production of dry sawnwood;
• Units for timber harvesting in forest lease areas in Kazachinsko-Lensky district of Irkutsk Region.
Bark and wood waste from sawmilling are used for technological needs and energy production needs.
Pellet mill
At the end of 2015, the Company commissioned new wood pellet plant.
Actual annual harvesting volume is about 350,000 m3 with an AAC of 725,700 m3.
The Magistralny sawmill was completed in 2011 and has an annual capacity of 90,000 m3 of sawnwood.
The pellet mill has an annual capacity of 30,000 tons.
Certification - Forest Stewardship Council®
RusForest Magistralny have the following certificates:
• Chain of Custody and Controlled Wood # NC-COC-014069 / NC-CW-014069 (License Code FSC-C110772), recertification audit according to standards FSC–STD-40-004 V 2-1 and FSC–STD-40-005 V3-1 scheduled starting from April 29, 2017
• Forest Management and Chain of Custody # NC-FM/COC-014074 (License Code FSC-C109710), recertification audit according to standard FSC-STD-RUS-V6-1-2012 scheduled starting from April 17, 2017
Certification documents
• Forest management plan RusForest Magistralny (in Russian)
• The procedure for granting of non-confidential information (in Russian)
• Report on monitoring of RusForest Magistralny (in Russian)
• Methodology for identification and protection of high conservation value forests in lease areas of RusForest Magistralny (in Russian)
• Information on the proposed timber harvesting of RusForest Magistralny (in Russian)
In 2016 pellets production at RusForest Magistralny was certified in accordance with SBP standards.
If you would have any comments or suggestions regarding our business activity, also in relation to our adherence to SBP standard, please do not hesitate to contact us with your comments and recommendations.
SBP certification documents
• Supply Base Report of RusForest Magistralny 2017
• Supply Base Report of RusForest Magistralny 2016
• Supply Base Report of RusForest Magistralny 2015
• Statement of commitment to sustainable pellet production
• RusForest Magistralny SBP certificate
RusForest Magistralny LLC
Russia, 666505, Irkutsk region, Kazachinsko-Lensky district, Magistralny, st. Zavodskaya, 2/5, PO Box 9, RusForest Magistralny
Phone: +7 (39562) 493-41
For purchase enquiries please contact:

The Ust-Ilimsk forest lease areas are located in Ust-Ilimsk District, Irkutsk Region and also Tungussko-Chunsky and Kodinsky Districts, Krasnoyarsk Region.
Forest resources
The Company controls 3 forest leases covering an area of 202,189 hectares, with an AAC of 338,160 m3. Within the leased areas there is a high concentration of mature softwood, predominately pine and larch (84%). Currently RusForest is developing its own harvesting operations in Ust-Ilimsk, while also managing the forest leases in Ust-Ilimsk and selling right to utilize some of the forest leases by third party at a fee.
RusForest Ust-Ilimsk Ltd
666684, Irkutsk region, Ust-Ilimsk, Promploschadka LPK
Phone: +7 (39535) 65-305
For purchase enquiries please contact:

Forest assets
0.8 million hectares leased
1.1 million cubic meters AAC
90,000 cubic meters annual capacity
In Russia, forest land cannot be owned privately but can be leased for up to 49 years. The Company has successfully secured a total of 1.2 million hectares of forest land under lease agreements in its core locations in eastern Siberia. It is of high importance to secure areas of the right forest composition. The forest leases in Magistralny are utilized solely for the Company’s own forest needs, however, in Ust-Ilimsk forest leases are also subleased to third parties.

More important than area leased is the AAC, expressed in cubic meters related to the leased forest assets and also the Company’s ability to monetize/harvest the AAC. Harvesting generates sawlogs and pulpwood. Sawlogs are further processed into various sawnwood products by the Company’s sawmill. Pulpwood is generally sold to pulp mills.

The sawmills in Magistralny process sawlogs, either from own harvesting or purchased, into various sawnwood products. This is the Company’s main product and main source of revenue. Sawmilling output is naturally dependent on supply of raw material in the form of sawlogs but also on the specification being produced, which in turn depends on end client.

RusForest harvests greater volumes, and a certain percentage of logs have a larger diameter, than we are able to process internally. These excess sawlog volumes are subsequently sold unprocessed, as round wood, both domestically and for export.

RusForest's core product is sawnwood made using the high quality raw material in Siberia mainly pine and larch. The Magistralny sawmill has an annual maximum capacity of 90,000 cubic meters. RusForest provides its customers with sawn timber of numerous different dimensions and specifications. RusForest produces both standard dimensions, in all species, as well as fully customer specific products for a number of different clients. Currently most production is sold to Japan, CIS and the Middle East. Our most common delivery terms is FCA. Most of our products are transported by rail to an applicable Russian port and reloaded for delivery to the final destination.
RusForest produces high quality wood pellets from its modern pellet mill in Magistralny, mainly for the European industrial market. The Company’s pellet plant has an annual capacity of 30,000 tons. Pellets production is certified in accordance with the standards of SBP, ENplus A1.

RusForest is a public limited liability company with its registered office in Stockholm, Sweden. The Company’s head office is in Stockholm, while the Group has a second operational head office in Moscow.
Whistleblower PolicyDownload RusForest's Whistleblower Policy
Articles of AssociationDownload RusForest's Articles of Association
Auditors Öhrlings PricewaterhouseCoopers AB
Anton BogdanovCEO, RusForest Management
Anton Bogdanov has been CEO of RusForest Management Company since February 2014 and COO of RusForest since March 2013. He is a seasoned Russian forestry executive and was previously CEO of Nova Management Group, which operates Lesresurs, a Russian forestry company in Eastern Siberia with 372,000 m3 of annual allowable cut ("AAC") and 170,000 m3 of annual sawnwood capacity. Lesresurs is one of the largest Russian suppliers of sawnwood to Japan.

Gustav WetterlingCEO, RusForest AB
Gustav Wetterling was appointed CEO of RusForest in January 2014. Mr. Wetterling joined RusForest from Black Earth Farming Ltd. where he was Director of Procurement and previously Director of Investor Relations. He has also worked for Vostok Nafta Investment Ltd. and Svenska Handelsbanken. Mr. Wetterling is a Swedish citizen and is fluent in Russian. He holds a Master of Science in Economics and Business from the Stockholm School of Economics.

Niklas BergmanChairman of the board since Dec 2016
Niklas Bergman has a LL.M. from the University of Stockholm and has among other things studied Business Administration at the University of Lund. He is partner and managing director of Northlaw Advisors and has a long experience in corporate law matters, including as a member of the Swedish Bar Association at Baker & McKenzie and as Head of Legal Affairs of Universum Group AB.

Michalis AvraamMember of the Board since Dec 2016
Michalis Avraam has an ACA qualification from the Institute of Chartered Accountants in England & Wales and a bachelor in Economics from the University of East Anglia, Norwich. He is [partner] of Michalis Avraam & Partners Ltd. Michalis Avraam is a qualified and registered Insolvency Practitioner and is also a leading member of projects on capacity building, civic engagement, youth, advocacy, gender, conflict resolution, peace and reconciliation.

Peter NilssonMember of the Board since 2013
Peter Nilsson is CEO of Bergs Timber AB and has more than 30 years of forestry experience. Peter Nilsson served as COO of RusForest from October 2012 through March 2013, before joining the RusForest board of directors. Previously, Peter Nilsson was CEO of Södra Timber AB and Geijer & Söner AB. He has also held various positions at SCA Timber AB, including CEO of the UK operations. Peter Nilsson has served on several boards in the sawnwood distribution and homebuilding industries.
Peter Nilsson is independent in relation to RusForest, its management and its major shareholders.

The Board of Directors is ultimately responsible for ensuring satisfactory control of risk management, reporting, financial accounting and similar issues as well as that the company's financial reports are produced in accordance with legislation and applicable accounting standards. In order to support the execution of the Board’s supervisory role in audit issues, at the annual general meeting, held 20 May 2010, it was resolved that the Company shall have an Audit Committee. This committee reports to the Board and its decision-making is restricted to specific areas. The audit committee shall consist of up to three members with one board member acting as chairman for the committee.
At the annual general meeting, held 20 May 2010, it was also resolved that the Company shall have an Operational Committee, consisting of up to three members and one board member acting as chairman for the committee. This committee reports to the Board and its decision-making is restricted to specific areas.

The audit committee shall function as the primary communication channel between the board and the Company’s auditors and shall be responsible for the preparation of the board’s work to assure the quality of the Company’s financial reporting. The audit committee has a particular responsibility to review and bring any problems with the internal control of financial reporting to the Board of Directors’ attention. Potential reported shortcomings are followed up by management and the audit committee.
The audit committee shall address any critical accounting issues and review the financial reports issued by the Company. Among other the following issues and reports shall be considered:
– matters of internal control and application of relevant accounting principles and laws.
– discuss any uncertainties in presented values, changes in estimates and appraisals.
– significant events after the reporting period.
– address any established irregularities.
– the Company’s annual report and the interim reports which are prepared four times annually shall be reviewed.
– discuss any other issues than the above that might affect the quality of the Company’s reporting.

The audit committee meets with the Company’s auditors on a continuous basis (at minimum once a year) to keep informed of the direction and extent of the audit. The audit committee and the auditors shall also discuss the coordination between internal control and external audit and the auditors’ views on potential risks to the Company’s quality of reporting.
– The audit committee shall set the guidelines for what other services than audit the Company may procure from the auditors.
– The audit committee shall on an annual basis in connection with the end of the financial year, evaluate the performance by the Company’s auditors. They shall inform the nomination committee of the result of the valuation, to be considered when they nominate auditors for the AGM.
– Assist the nomination committee in the process of nominating auditors and remuneration for the auditors.
– The audit committee shall review the annual and interim reports and make recommendations on these to the Board of Directors.

The role of the operational committee is to make suitable investment recommendations and review the budget and operations in the operating units on a regular basis. These recommendations must at all times be in line with the overall strategy of the Company as decided by the Board of Directors.

RusForest adopted an environmental policy in 2011 that requires the Company to work with materials and methods in a way that has minimal impact on the internal and external environment. The Company is constantly working to raise the importance of environmental awareness with all employees and to comply with the environmental demands from authorities, customers and the market.
RusForest has also completed the certification process for the majority of its operations according to Forest Stewardship Council (FSC) rules. FSC certificates for the Company’s operations were issued by Rainforest Alliance, the global leader in forest certification:
– The majority of the Company’s forest units located in the Irkutsk regions of Russia received the FSC forest management and chain of custody certificates.
– RusForest’s main sawmill Magistralny and its wholesale export operation (RusForest Trade House) also received the chain of custody certificates for their products and raw materials.

Following the principles of the Forest Stewardship Council, RusForest is making every effort to prevent the sale and receipt of wood from the following categories:
– wood harvested from areas that violated traditional or civil rights;
– wood harvested in forests that are not FSC certified and where conservation values are threatened;
– wood from genetically modified (GM) trees;
– illegally logged wood.
RusForest pays special attention to the social and environmental impacts of its business activities in Russia. The Company maintains highly valuable forests in close cooperation with local communities and leading environmental organizations such as WWF and Greenpeace.

RusForest is listed on the NASDAQ First North market place, as such it is not obliged to, apply the Swedish Code of Corporate Governance (the "Code"), but has chosen to do so anyway to uphold the highest standards of corporate governance. The Code forms part of corporate Sweden's self-regulation with the purpose of improving corporate governance in Swedish listed companies. RusForest has applied the Code since 2013.
The Code is based on the principle of "comply or explain". This means that a company that applies the Code does not necessarily have to follow every rule of the Code in every instance. If the company finds that a certain rule is not appropriate taking into account the particular circumstances at hand, it may deviate from this rule. Such deviations must be accounted for.
RusForest will now annually publish a corporate governance report in accordance with the rules of the Swedish Annual Accounts Act and the Code. The corporate governance report describes how the company has applied the Code and accounts for deviations (if any) from the Code.
Below you will find the corporate governance reports, including the report on internal control and risk management.


AGM 2017
Extraordinary General Meeting, 21 December 2016
AGM 2016
AGM 2015
AGM 2014
General Proxy Form
Extraordinary General Meeting, 11 July 2013
AGM 2013
Extraordinary General Meeting, 1 February 2013
AGM 2012
Extraordinary General Meeting, 1 March 2012
AGM 2011
Extraordinary General Meeting, 15 April 2011
AGM 2010
Extraordinary General Meeting, 24 June 2010
Extraordinary General Meeting, 8 October 2010
Recapitalisation 2013

Rights Issue 2012

Rights Issue 2010
RusForest AB (publ)
Hovslagargatan 5
SE-111 48 Stockholm
Tel: +46 8 771 85 00
Fax: +46 8 545 015 54

RusForest Management Group LLC
Pozharskiy Lane 15
119034, Moscow
Tel: +7 495 980 24 13
Fax: +7 495 980 24 13

IR Contact
Gustav Wetterling
Group CFO
Tel: +46 8 771 85 00
Fax: +46 8 545 015 54

Sales Teams