AS Harju Elekter acquired all of the shares of their Lithuanian subsidiary UAB Rifas

24.04.2015 Market Announcements

Yesterday, on 23 April 2015, AS Harju Elekter signed a contract for the purchase of all shares in Lithuanian subsidiary UAB Rifas. In the transaction, AS Harju Elekter acquired a holding of 37% in their subsidiary UAB Rifas, in addition to the previously acquired 63%, and in doing so became the sole owner of the company. The purchase transaction enters into force on 28 April 2015, at the latest. According to the contract, the price of the transaction will not be made public.

After the transaction, Rifas UAB will continue to operate under its own name and brand as a wholly-owned subsidiary of AS Harju Elekter. Acquiring all of the shares of UAB Rifas was a strategic move by the Group, helping to secure their position in Lithuania and on export markets.


Andres Allikmäe was appointed Chairman and Endel Palla, Tiit Atso (Group’s FO), Jan Osa (Sales Director of AS Harju Elekter Elektrotehnika) and Aidas Šetikas was appointed Member of the Management Board of Rifas UAB. Aidas Šetikas will also continue as a Managing Director of Rifas UAB.


UAB Rifas Group, financial summary 2012–2014

1000 euros                              2014    2013    2012

Cash and cash equivalents     662      633      602

Trade receivables                 1,030   1,005   2,158

Inventories                             1,285      827      733

Non-current assets                1,615   1,664   1,769

Total assets                              4,592   4,129   5,262

Current liabilities                    1,165       671   1,723

Long-term liabilities                         0     2    10

Equity                                            3,427 3,456 3,529

incl. share capital                       222   222   222

Revenue                                       5,283 5,809 7,221

EBIT                                                 109    17   273

Net profit                                         54   -49   224

Basic earnings per share (EUR)      7    -6    29

Number of shares                    7,650 7,650 7,650

Dividend per share                     9.46  9.46 11.36


Since the end of the previous financial year there are no significant change in the UAB Rifas business activities.

UAB Rifas was established in 1991. The main area of the activities of the company is the production and marketing of the industrial automation equipment and electric power distribution and transfer equipment. The Rifas Group comprises the Lithuanian manufacturing company Rifas UAB, and its subsidiary, Automatikos Iranga (51%), which specialises in design. In 2014, the company’s audited sales revenue amounted to 5.3 million euros, of which 80% was sold outside Lithuania. There are 80 employees working in the Rifas Group. AS Harju Elekter acquired a holding of 51% in the Lithuanian company UAB Rifas in 2003 and increased it to 63% in December 2012.

Harju Elekter is the leading MV/LV electrical and engineering devices producer in the Baltic States as well as well-known and respected company in Scandinavia. Harju Elekter Group includes manufacturers of electrical equipment in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%), Satmatic Oy (100%) and Rifas UAB (100%), as well as the telecommunications products manufacturer AS Harju Elekter Teletehnika (100%) in Estonia. In addition, AS Harju Elekter has financial investments in the Latvian electrical equipment sales company SIA Energokomplekss (14%) and in the Finnish publicly listed company PKC Group Oyj (5%).

The transaction does not constitute a transaction between related parties within the meaning of NASDAQ Tallinn’s Rules and Regulations. The management board and the supervisory board members of AS Harju Elekter are not personally interested in this transaction in any other way.


Andres Allikmäe

Managing Director/CEO

+372 674 7400


Additional information: Andres Allikmäe, Managing Director of AS Harju Elekter; Endel Palla, Chairman of the Supervisory Board (+372 674 7400).


Prepared by:

Moonika Vetevool

Corporate communication and investor relations manager

+372 671 2761