AS Harju Elekter consolidated unaudited results for Q4 and 12 months 2013

28.02.2014 Reports Market Announcements

In the accounting quarter, the Group’s consolidated revenue was 12.3 million euros, which was 2.2% lower compared to the reference period. Operating profit of Q4 2013 was 214,000 euros, increasing by 28.1%. The consolidated net profit of the Q4 increased by 56.0% and was 298,000 euros.

The Group’s twelve month sales revenue was 48.3 million euros, which was 8.5% lower compared the reference period. The operating profit decreased by 11.5% to 1.74 million euros, but net profit increased by 43.6% to 5.17 million euros, in 12-months period.

Change % October – December Change % January – December
(thousand euros) 2013 2012 2013 2012
Revenue -2.2 12,288 12,565 -8.5 48,288 52,801
Gross profit 10.2 2,131 1,933 -2.3 8,458 8,653
EBITDA 16.1 627 540 -4.9 3,269 3,439
EBIT 28.1 214 167 -11.5 1,743 1,970
Profit for the period 56.0 298 191 43.6 5,173 3,603
incl attributed to Owners of the Company 58.0 327 207 46.8 5,162 3,517
EPS (EUR) 0.02 0.01 0.30 0.21

The decrease in consolidated sales revenue was caused by a decrease in sales and commissions in the production segment, which accounted for about 90% of sales revenue this year. Around 83% of the sales revenue came from the production and sale of electrical equipment. In 2013, the production and sales volume of electrical devices was 40.0 million euros, being 4.1 million euros lower compared to the reference period. The greatest setbacks in the production volumes of electrical devices occurred in the segments of Finland (-2.2 million euros) and Lithuania (-1.2 million euros).

Home markets were still dominant. Export markets lost some of their significance and their development will depend largely on the activeness of our key clients in the respective countries.

In 2013, one-off projects in Belgium, Malaysia, Belarus and Switzerland were concluded, but also some new projects were started in the United States. Deliveries to Norway and Russia have increased, and in the last couple of years these countries have increasingly joined the Group’s other target markets.

63% of the Group’s products and services were sold in foreign markets, outside Estonia (2012: 66%) and 93% revenues received from the Group’s companies home markets – Estonia, Finland, Sweden, Lithuania.

In the reporting quarter, the operating expenses decreased by 2.5% to 12.1 million euros, including the cost of sales by 4.5% to 10.2 million euros. In the reporting quarter, doubtful receivables in the total amount of 155,000 euros were written off. All in all, the distribution costs and administrative expenses were stable, on the same level as a year before; costs related to sold products decreased by 4.3 million euros (a tenth) and operating expenses totally by 8.5% to 46.5 million euros.

As at the balance day on 31 December, there were 451 people working in the Group, which were 27 employees less than in the beginning of the year. In Q4 2013, the average 436 people worked in the Group − on the average by 21 persons less than in the reference period. During the 12 months, the average number of employees increased by 3 persons up to 455 employees. Labour costs decreased by 1.6% to 2.9 million euros in accounting quarter and by 4.3% to 11.4 million euros during 12-months period. In the fourth quarter, employee wages and salaries totalled 2,247 (Q4 2012: 2,314) thousand euros and during the 12 months 8,645 (2012: 9,139) thousand euros. The average wages per employee per month amounted 1,584 (2012: 1,684) euros.

During 12 months, the amount of the consolidated balance sheet increased by 11.5 million euros and as of 31 December 2013, and was 71.1 million euros. Most of the growth derived from value adjustment of long-term financial investments. The market price of PKC Group Oyj shares increased in accounting quarter by 0.24 (Q4 2012: 1.40) euros and the share price in Helsinki Stock Exchange in last trading day of December was 24.19 (a year before: 15.43) euros. During 12 months, the market price of PKC Group Oyj shares increased by 8.76 (2012: 4.00) euros. The cost of investment in assets and reserves in equity capital increased by the profit of 11.7 (2012: 5.5) million euros, received from stock revaluation.

During the year 2013, the Group’s investments to real estate, tangible fixed assets and intangible fixed assets totalling 2.32 (2012: 0.84) million euros. At the balance date 31 December 2013, fixed assets amounted 77.6% (31.12.2012: 72.4%) of the cost of assets.

During 12 months, cash and cash equivalents increased by 0.76 million euros to 4.10 million euros; within the comparable period, cash and cash equivalents increased by 2.5 million euros to 3.35 million euros.

As at December 31 2013 AS Harju Elekter had 1,500 shareholders. The largest shareholder of AS Harju Elekter is AS Harju KEK, a company based on local capital which held 32.0 % of AS Harju Elekter’s share capital.

Andres Allikmäe
Managing director/ CEO
Tel +372 674 7400

For more information: Internal report 1-12/2013

AS HARJU ELEKTER
BALANCE SHEET, 31.12.2013
Consolidated, unaudited
Group
EUR’000
ASSETS 31.12.13 31.12.12
Cash and cash equivalents 4 102 3 352
Trade receivables and other receivables 5 699 6 493
Prepayments 256 232
Prepaid income tax 41 0
Inventories 5 801 6 395
TOTAL CURRENT ASSETS 15 899 16 472
Deferred income tax asset 7 5
Investments in associates 3 598 2 295
Other long-term financial investments 31 339 21 386
Investment property 11 663 10 454
Property, plant and equipment 8 129 8 546
Intangible assets 436 451
Total non-current assets 55 172 43 137
TOTAL ASSETS 71 071 59 609
LIABILITIES AND OWNERS’ EQUITY
Interest-bearing loans and borrowings 654 1 075
Trade payables and other payables 4 437 5 902
Tax liabilities 969 1 049
Income tax liabilities 15 75
Short-term provision 36 23
TOTAL CURRENT LIABILITIES 6 111 8 124
NON-CURRENT LIABILITIES 1 141 1 349
TOTAL LIABILITIES 7 252 9 473
Share capital 12 180 12 180
Share premium 240 240
Restricted reserves 31 424 21 354
Retained earnings 18 635 15 008
TOTAL OWNERS’ EQUITY 62 479 48 782
Non-controlling interests 1 340 1 354
TOTAL EQUITY 63 819 50 136
TOT.LIABILIT.AND OWNERS’ EQUITY 71 071 59 609
INCOME STATEMENT,  1-12/2013
Consolidated,unaudited
EUR’000
GROUP Q4 2013 Q4 2012 2013 2012
NET SALES 12 288 12 565 48 288 52 801
Cost of goods sold -10 157 -10 632 -39 830 -44 148
Gross profit 2 131 1 933 8 458 8 653
Marketing expenses -737 -658 -2 627 -2 801
Administrative expenses -1 169 -1 088 -4 067 -3 876
Other revenue 8 1 38 49
Other expenses -19 -21 -59 -55
Operating profit 214 167 1 743 1 970
Net financial incomes/expenses -14 -6 2 602 997
Income from subsidiaries 153 104 1 303 1 118
Profit from normal operations 353 265 5 648 4 085
Corporate Income tax -55 -74 -475 -482
Profit after taxes 298 191 5 173 3 603
Profit attributable to:
   Owners of the Company 327 207 5 162 3 517
   Non-controlling interest -29 -16 11 86
Basic earnings per share (EUR) 0,02 0,01 0,3 0,21
Diluted earnings per share (EUR) 0,02 0,01 0,3 0,21
Karin Padjus
FO
Tel +372 674 7403

Interim report Q4 and 1-12/2013

ANNUAL REPORT 2013

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