Despite seasonal influences and the economic instability of the Northern European region, we managed to end the first quarter of 2013 by meeting expected results for the Harju Elekter Group. In the accounting quarter, the Group’s consolidated revenue was 11.4 million euros, reaching practically the same level with the comparable period. In the coming quarters we are expecting positive developments on our perspective markets in Scandinavia, as well as recovery of the Finnish export industry.
|
January – March |
Year |
|||
|
Change % |
2013 |
2012 |
2012 |
|
| Revenue (EUR’000) |
-2.4 |
11,390 |
11,671 |
52,801 |
| Gross profit (EUR’000) |
-9.2 |
1,721 |
1,896 |
8,653 |
| EBITDA (EUR’000) |
-24.5 |
555 |
735 |
3,439 |
| EBIT (EUR’000) |
-49.8 |
188 |
375 |
1,970 |
| Profit for the period (EUR’000) |
21.1 |
717 |
592 |
3,603 |
| incl attributed to Owners of the Company |
20.3 |
698 |
580 |
3,517 |
The manufacturing segment contributed 89.1% of the consolidated sales revenues, real estate 5.7% and other, not segmented activities, 5.2%. 65.3% of the Group’s products and services were sold in foreign markets, outside Estonia (Q1 2012: 63.8%) and 91% revenues received from the Group’s companies home markets – Estonia, Finland, Sweden, Lithuania. At the same time, the consolidated sales revenue decreased marginally during three months in Estonia (-0.27 million euros) and Finland (-0.20 million euros), increased revenues in Lithuania (0.27 million euros) and other markets, incl. Norway and Russia, (0.19 million euros). Ukraine was introduced as a new market.
Operating expenses decreased 0.7% during the period under review, inclusive cost of sales decreased 1.1% to 9.7 million euros. General administrative expenses and marketing costs increased totally by 1.7% to 1.5 million euros in the reporting quarter. The reason for the growth in general administrative expenses was the increased development costs included in these expenses.
Operating profit of Q1 2013 was 188 (Q1 2012: 375) thousand euros and EBITDA 555 (Q1 2012: 735) thousand euros. Return of sales for the accounting quarter was 1.7% (Q1 2012: 3.2%) and return of sales before depreciation 4.9% (Q1 2012: 6.3%). Decrease of operating profit was mainly due to a smaller amount of value-added products into the Finnish and Lithuanian subsidiaries’ product portfolios.
In the first quarter, also 30,000 (Q1 2012: 15,400) PKC Group Oyj shares were sold and the financial income from selling the shares was 453,000 (Q1 2012: 175,000) euros. Net financial expenses have increased by 281,000 euros to 454,000 euros. In the reporting quarter, the Group consolidated from the associated company a profit of 75,000 (Q1 2012: 79,000) euros.
Overall, the consolidated net profit of the Q1 2013 was 717,000 (Q1 2012: 592,000) euros, of which the share of the owners of the Company was 698,000 (Q1 2012: 580,000) euros. EPS in the Q1 was 0.04 (Q1 2012: 0.03) euros.
In Q1 2013, the average 462 people worked in the Group − on the average by 27 persons more than in the reference period. At the same time, the labour costs have decreased by 5.9%. Labour costs account for 24.0% of sales revenues, being by 0.9 percentage points less year-over-year (y-o-y) and 1 percentage point less compared to Q1 2011. In the first quarter, employee wages and salaries totalled 2,108 (Q1 2012: 2,280) thousand euros. The average wages per employee per month amounted 1,520 (2012 Q1: 1,746) euros.
During the 3-months period, the Group’s investments to real estate, tangible fixed assets and intangible fixed assets totalling 0.102 (Q1 2012: 0.140) million euros.
During the accounting period, cash and cash equivalents increased by 0.7 million euros to 4.0 million euros; within the comparable period, cash and cash equivalents increased by 0.4 million euros to 1.2 million euros.
Andres Allikmäe
Managing director/ CEO
Tel +372 674 7400
| AS HARJU ELEKTER | ||
| BALANCE SHEET, 31.03.13 | ||
| Consolidated, unaudited | ||
| Group | ||
| EUR’000 | ||
| ASSETS | 31.03.13 | 31.12.12 |
| Cash and cash equivalents | 4 032 | 3 352 |
| Trade receivables and other receivables | 7 053 | 6 493 |
| Prepayments | 284 | 232 |
| Prepaid income tax | 6 | 0 |
| Inventories | 6 745 | 6 395 |
| TOTAL CURRENT ASSETS | 18 120 | 16 472 |
| Deferred income tax asset | 5 | 5 |
| Investments in associates | 2 370 | 2 295 |
| Other long-term financial investments | 24 472 | 21 386 |
| Investment property | 10 355 | 10 454 |
| Property, plant and equipment | 8 387 | 8 546 |
| Intangible assets | 445 | 451 |
| Total non-current assets | 46 034 | 43 137 |
| TOTAL ASSETS | 64 154 | 59 609 |
| LIABILITIES AND OWNERS’ EQUITY | ||
| Interest-bearing loans and borrowings | 1 103 | 1 075 |
| Trade payables and other payables | 6 773 | 5 902 |
| Tax liabilities | 883 | 1 049 |
| Income tax liabilities | 49 | 75 |
| Short-term provision | 16 | 23 |
| TOTAL CURRENT LIABILITIES | 8 824 | 8 124 |
| NON-CURRENT LIABILITIES | 1 349 | 1 349 |
| TOTAL LIABILITIES | 10 173 | 9 473 |
| Share capital | 12 180 | 12 180 |
| Share premium | 240 | 240 |
| Restricted reserves | 24 464 | 21 354 |
| Retained earnings | 15 724 | 15 008 |
| TOTAL OWNERS’ EQUITY | 52 608 | 48 782 |
| Non-controlling interests | 1 373 | 1 354 |
| TOTAL EQUITY | 53 981 | 50 136 |
| TOT.LIABILIT.AND OWNERS’ EQUITY | 64 154 | 59 609 |
| INCOME STATEMENT, 1-3/2013 | ||
| Consolidated,unaudited | ||
| EUR’000 | ||
| GROUP | Q1 2013 | Q1 2012 |
| NET SALES | 11 390 | 11 671 |
| Cost of goods sold | -9 669 | -9 775 |
| Gross profit | 1 721 | 1 896 |
| Marketing expenses | -599 | -637 |
| Administrative expenses | -939 | -875 |
| Other revenue | 17 | 2 |
| Other expenses | -12 | -11 |
| Operating profit | 188 | 375 |
| Net financial incomes/expenses | 454 | 173 |
| Income from subsidiaries | 75 | 79 |
| Profit from normal operations | 717 | 627 |
| Corporate Income tax | 0 | -35 |
| Profit after taxes, incl | 717 | 592 |
| Net profit for the year | 698 | 580 |
| Non-controlling interest | 19 | 12 |
| Basic earnings per share | 0,04 | 0,03 |
| Diluted earnings per share | 0,04 | 0,03 |
| Karin Padjus | ||
| FO | ||
