AS Harju Elekter Group and Prysmian Group Baltics AS signed a lease agreement on 5 June 2023 until 2030. With the extended lease agreement, the real estate department of Harju Elekter Group leases to Prysmian Group Baltics more than 20,000 m² of production, storage and office space and nearly 40,000 m² of external storage territory. The contract also agreed on a large-scale renovation and reconstruction of the premises, the investment cost of which is up to 3 million euros.

Prysmian Group is a major global company at the forefront of innovative cable technology and whose shares are listed on the Milan Stock Exchange. Each year, the Group manufactures thousands of kilometers of underground and submarine cables and systems for power transmission and distribution, as well as medium and low voltage cables for the construction and infrastructure sectors. The group operates in 50 countries, 106 plants and 25 research and development centres and has about 29,000 employees.

The real estate unit of Harju Elekter Group is engaged in the development of industrial real estate, project management, leasing, and related services for both rental partners and Harju Elekter’s own companies. The real estate unit manages a total of nine industrial parks in Estonia, Finland, Sweden, and Lithuania.

Harju Elekter is an international industrial group with extensive experience in providing future proof solutions for electrical power distribution. We engineer, manufacture, and install electrification solutions for utilities, industries, infrastructure, public and commercial buildings. The entities of Harju Elekter Group in Estonia, Finland, Sweden, and Lithuania employ around 900 people, and the Group’s revenue in 2022 was 175.3 million euros.

Aron Kuhi-Thalfeldt
Real Estate Department Manager/Member of the Management Board
+372 5171448

Prepared by:
Marit Tack
Corporate Communications Manager
+372 5340 8444
E-mail: marit.tack@harjuelekter.com

“I think I received the inspiration from my family, as my father is involved in the electrical field and that’s probably why it started to interest me. Even though I was not a big dreamer as a child and probably did not dream of the work I do today, the field is very good and I am really satisfied here,” describes Rait Kangro, who is currently working as the Head of Sales and Marketing of Harju Elekter Estonia.

Rait previously worked as a sales engineer in a small company. “At some point, I started to think about taking on the next challenge,” says Rait. At exactly the right moment, he received a call with the proposition to come to Harju Elekter as a sales manager for low-voltage products. After a round of interviews, he accepted the offer. While talking about it, Rait also recalls his student years at TalTech, when he went on an excursion to the Harju Elekter production as part of his studies: “As a student, I had briefly heard about the company and had also seen Harju Elekter’s products on the street, but at that time I would not have thought that my career path would really lead here.”

“In the role of sales manager, I primarily dealt with Finnish, Swedish and Estonian customers. I gradually settled in and tried to participate in as many activities as possible to obtain a more complete picture of the company. For example, I signed up as an internal auditor, a role in which I was able to examine various company processes as part of the internal audit,” describes Rait. Today, he is working as a Head of Sales and Marketing of Harju Elekter’s factories in Estonia. He has a dream team who helps him to accomplish great things. “Yes, 4 years in Harju Elekter does not sound like much, but time has gone incredibly fast and so much has happened. There are always many changes in a developing company, but I’m not against changes!”, says Rait enthusiastically.

Rait has a lot to say when he is asked why he chose Harju Elekter as an employer. “Harju Elekter is a people’s company. We have an incredibly strong team of people who are very helpful and friendly and stick together. When I first joined the team, I received a very warm welcome which has been preserved to this day,” he says. “I came from a small company with seven employees, whereas in Harju Elekter Estonia there are almost three hundred. At first, I assumed that the pyramid was in place, but I was wrong. In fact, the organisation works laterally and there is no redundant bureaucracy,” Rait describes. In addition, as an engineer-minded person, he likes that Harju Elekter is a production company. “We work with physical products, so everything that a salesperson sells and that an engineer designs, can be touched.”

Rait adds that Harju Elekter has a sufficiently flexible atmosphere in terms of career path. “The field of activity is large and there are enough challenges. Even if you are employed in one position, the tasks arising from the role may not always be set in stone. There are always career opportunities for good people and we have several stories where employees have been able to shape their role within the company or move to a different position,” says Rait about the opportunities, which have also been confirmed by his own experiences.

He does not deny that there have been slip-ups and obstacles alongside his career development and successes during the years of work. “However, if you do not have experience in certain topics, the support system is always there. People around will help and support you to find solutions. In addition, we do not make any product as an individual, but rather as a team. That’s why I always encourage my colleagues to voice their concerns. No one is alone with their concerns – together we can find solutions,” he explains.

„We do not make any product as a solo, but as a team. That’s why I always encourage my colleagues to talk about their concerns. There is no one alone with their concerns – together we can find solutions.” 

„We do not make any product as a solo, but as a team. That’s why I always encourage my colleagues to talk about their concerns. There is no one alone with their concerns – together we can find solutions.“

To Harju Elekter’s new tagline “Electrifying Tomorrow”, Rait says that he is happy about the message: “We are strong in our field, we invest in sustainable solutions and we keep up with time and technology. The forward-looking tagline describes very well the activities we are already doing today and the values ​​we live by at Harju Elekter.”

„The forward-looking tagline descirbes very well the activites we are already doing today and the values we live by at Harju Elekter.” 

Rait adds that the forward-looking tagline is versatile: “Firstly, all new procurements and requirements arising from the field of electricity are today in the place where we must to go along with sustainability topic, there is no other option. On the other hand, it describes our contribution to the next generation – how we cultivate technical interest in young people and involve talented engineers in Harju Elekter.”

Let’s continue to introduce the career stories of our good employees. Jani works at Harju Elekter Finland, in the contract manufacturing team, and manufactures electrical cabinets. Jani’s career path in production began over twenty years ago. His career in the electrical industry took him by surprise, but he says that he likes working in the industry and the choice has felt right. Thanks to the interesting and versatile work tasks and good team spirit, Jani says that he enjoys working at Harju Elekter.

Jani works at Harju Elekter in the production contract manufacturing team and manufactures electrical cabinets. He began just over twenty years ago when Harju Elekter Finland was still operating under the Satmatic name. ”While at my former job, I heard that there were vacancies available at Satmatic and was recommended to contact them. I called them and got a position. In addition to myself, a couple of my other colleagues started working here too.” Jani got a permanent job after three months of working and says that he has enjoyed working at Harju Elekter from the start.

In his work, Jani says that he especially likes the flexible working hours and working the day shift. Jani also says that the manufacture of electrical cabinets is interesting and varied. ‘’I enjoy my job, and making electrical cabinets is fascinating as the cabinets are always slightly different. Over the years, it has been great to get involved in big projects and manufacture cabinets for new customers”, says Jani. Jani’s colleagues also deserve a special mention. ”One of the big reasons why it’s nice to work here and why I have enjoyed working here for a long time is the good colleagues and a good team spirit. We have about 15 people in the contract manufacturing team and some new colleagues have just joined the team”, says Jani.

Jani mentions that the most memorable moments of his career are when the work has been done well and there has been good feedback from customers.

Jani mentions that Harju Elekter’s new tagline, ”Electrifying Tomorrow”, is a good illustration of how the world is electrifying fast. “We have been pioneers in the Finnish market for a long time, and the quality and durability of solutions are very important. It’s important to make good, durable, and sustainable products for customers,” says Jani, explaining the meaning of the tagline from his point of view.

Looking back on his childhood, Jani says that, even in middle school, he didn’t have a specific dream job. ”I’ve always been interested in information technology, so I applied to study it back in the day. At the time, the electrical industry was my second option, however, the information technology program was not opened, so I ended up studying the electrical industry. I’ve enjoyed working in the industry and I have never felt like I’ve made the wrong choice,” Jani says.

Jani says that he has spent his free time in competitive dance for years, practising for 23 years. ”Nowadays I don’t have an active hobby like I had when I was younger, but I regularly go to the gym and play disc golf. I also like to spend time in nature and go hiking in the forest.”, Jani says.

„“We have been pioneers in the Finnish market for a long time, and the quality and durability of solutions are very important. It’s important to make good, durable, and sustainable products for customers.”

Read other career stories:

Erki Suurküla: “Harju Elekter is like a big ship – the direction and tasks of the team are now firmly in place”

To become an electrician in a year is a mission possible

Rait Kangro: “Harju Elekter is a people’s company“

Engineering internship experience in Harju Elekter

Erki, a mechanical engineer of Harju Elekter, has been familiar with machines since he was a child, and connecting his career to the field of engineering was a completely logical step. His career path is interesting because he once left the company to gain experience outside of Harju Elekter and then returned. So far, he is satisfied with his decision.

As a young student, Erki gained good experience as a quality engineer in an Estonian company. “However, at one point I heard from my classmate that Harju Elekter was looking for engineers. At first, I wondered how I would manage to work at Keila and at the same time study product development at the Tallinn University of Technology. At first, I turned down the opportunity, but remained interested in the position,” says Erki. It happened so effortlessly, that Erki still came to Harju Elekter for an interview and all the conditions happened to suit both parties. In November 2003, he started working at Harju Elekter, together with the same classmate who initially told him about the opportunity.

In the first stage of his employment, from 2003 to 2012, while working at Harju Elekter, he gained excellent production technology experience and participated in challenging projects. “Mechanical design is mostly done at the computer, and engineers don’t delve into metal production too often. Also, production feedback often does not reach the engineer. In Harju Elekter things are different, and this is undoubtedly a huge advantage,” explains Erki. He was also able to have a say in the process developments of the product development department.

What followed was a period of nearly six years in which Erki worked on another front and gained both life and projection experience. This time included the opportunity to work in several small mechanical engineering companies and gain work experience in the design of science center exhibitions. Among other things, you will find several exhibits designed by Erki, for example, in the Energy Discovery Center. “At one point I realised that a large company like Harju Elekter was the best choice for me,” says Erki. “Small businesses depend mostly on outside aspects, which creates uncertainty. Harju Elekter is like a big ship – the direction and tasks of the team are firmly in place. That’s what brought me back here,” he adds.

„Harju Elekter is like a big ship – the direction and tasks of the team are firmly in place. That’s what brought me back here.”

When he came back to Harju Elekter, he knew what was waiting for him – the work and the people were already familiar. “At Harju Elekter, I mostly enjoy the series production process. You design, go into production, evaluate and make corrections, and then you see how the product is improved. You see the life map of the product within the company and there is always room for improvement with products,” he declared. “And the people at Harju Elekter have always been a good team with an enjoyable internal atmosphere. People get along well and there is good communication between units,” says Erki.

Erki is a team member who is always ready to share his ideas and thoughts. He doesn’t just stick to the boundaries of his role but looks at the bigger picture. For example, he supports the workflow of mechanical engineers in-house and contributes to designing software and tools. Erki himself says that he appreciates being intelligent, but according to him, he is not the type to be a leader. “I enjoy this role, where I can perform as a specialist and make my voice heard on important topics,” he added.

What does Harju Elekter’s new slogan “Electrifying Tomorrow” mean for Erki? He says it is good that the word electrifying can be understood in many different ways. “I believe that many people today are wondering what tomorrow’s electrification will look like. I see that Harju Elekter has established itself in this energy chain to a significant extent,” he claims. Erki adds that it is only pleasurable as an employee of Harju Elekter if there is a demand for our products. “Speaking of tomorrow, I’m looking forward to when a good solution will be found for the efficient use of heat losses,” he adds.

Harju Elekter Lithuania, located in Panevėžys, is one of the largest and most reputable companies in the region. The company provides detail engineering, contract manufacturing and full load testing services for marine and industrial system integrators.
Local residents see the company as a reliable employer and they know very well that in order to get a job in this company, it is not necessary to have the profession of electrician – it can be acquired while working and on the same time studying at the company’s academy, which the company has been successfully running for several years together with the Visaginas Technology and Business Vocational Training Center. Last year the company hired more than 70 new employees.

From a beautician to an electrician

Ieva Malinauskaitė, who took the opportunity to participate in this vocational training program, is great proof that in just one year it is possible to acquire new skills that she did not have before. Currently, she works as a Quality Control Engineer. Before starting her new career, the 29-year-old Ieva graduated as a beauty therapist-cosmetologist from Vilnius College. Ieva says that for a while it seemed like a dream come true, but later doubts began to plague her. “I worked for one company all those years. When I saw that I was no longer improving and no longer had anything to strive for, I started looking for another job. I accidentally found Harju Elekter’s job ad. Electrotechnics was unknown for me, I only had knowledge from school, but after some consideration, I decided to completely change my life and learn new skills,” said Ieva.

Electrifying Tomorrow at Harju Elekter

Ieva said that many things helped her to decide, including a higher salary and a team. “I had heard good reviews about the company. After starting working here, I can only confirm this myself,” she said. “At first it was not a job directly related to electricity. I assisted the quality controllers in checking the products,” Ieva added. While working, she became more interested in the work of controllers. “I saw how my colleagues read diagrams, how they work with various devices, check the electrical circuit and I became more interested. I started asking the controllers to teach me: explain what the devices do, how they work, etc. I would say that curiosity led me to where I am now,” Ieva said.

During that time she saw the employer’s announcement about the vocational training program and the opportunity to acquire the profession of electrician at the Visaginas Technology and Business Vocational Training Center. Without hesitation, I signed up for the training, which appeared to start at the perfect time for me.” Ieva said that at first she was frightened by the fact that she did not have any knowledge related to electricity. “There were a lot of new things and some of them were difficult to understand. But the teachers were great! I could turn to them at any moment and get answers to my questions. Although the field was completely different from what I had previously learned, I soon got into it,” Ieva said. At the vocational training center, she received new knowledge, from the basics of electricity to more specific academic knowledge that was required for work. The processes related to practice were well supervised and coordinated by the masters working in the company.

Ieva also emphasized that her relatives supported her on this journey: “At first they were a little surprised, why electricity?” But they always supported and encouraged me to move forward.”

Currently, she has been working in the company for three years. She finished her studies in the previous summer and acquired the profession of electrician. When asked about her future plans, she said that there are still enough challenges for her in this job. But that’s what she really likes.

„At first they were a little surprised, why electricity?” But they always supported and encouraged me to move forward.“

“Physics is a science that you have to study every day and my work is far from being monotonous. Now I work as a Quality Controller, which means that I can work with electricity and read electrical diagrams. I still have many questions and I think there won’t be fewer of them in the future, so I will have to improve and learn,” she assured. The specifics of the company’s activities also provide a dynamic and development-friendly environment: the company, which creates the highest category of electrical products, works on the basis of project specific orders. Therefore, employees need to constantly improve their competence and update their knowledge – with tomorrow in mind.

Harju Elekter was one of a few dozen Estonian companies 25 years ago that went to the Tallinn Stock Exchange to support the growth of the company. Today, only six of the companies that began trading in the 1990s are still operating. 

In 1997, AS Harju Elekter was one of the first Estonian companies to be listed on the stock exchange.
Kaarel Ots, CEO of Nasdaq Tallinn Stock Exchange, noted that only six of the ten companies listed in the early years of the Tallinn Stock Exchange are still trading on the stock exchange: Tallinna Kaubamaja Grupp (September 1996), Silvano Fashion Group (formerly named Klementi, May 1997), Nordic Fibreboard (former names Viisnurk and Skano Group, June 1997), Baltika Group (June 1997), Merko Ehitus (July 1997), and Harju Elekter (September 1997). 

According to Tiit Atso, the current Chairman of the Management Board of AS Harju Elekter, the listing of the company’s shares on the stock exchange made it possible to raise additional capital and increased the company’s credibility on the internal and external markets. “At the time, being listed on the stock exchange carried some serious weight, and still does in foreign countries and in foreign relations,” admitted Atso, adding that: ‘Being listed on the stock exchange obliges the company to be transparent in all its activities and it has a good effect in the view of clients, partners, and employees.’ 

Main driver of other companies in the field 

Janek Lehtmets, the CEO of Harju KEK AS, which owns more than 30% of Harju Elekter’s shares, said that Harju Elekter is bigger as an organisation and in terms of influence than it appears. “The company has inestimable value and significance on the business environment. It is the flagship of Estonian industrial enterprises – a company whose business decisions in the 1990s still influence the Estonian business environment and the development of the region,” Lehtmets said. 

He is convinced that Harju Elekter has been a good breeding ground – a place where great ideas get started and are passed on to many other companies as ideas or subcontracting. “Harju Elekter has been or is a shareholder or a strategic partner of many companies that are today top performers in their field, such as PKC, Glamox, Prysmian, ABB, Skeleton, and several other successful companies,” Lehtmets pointed out. He stressed that it is rare that a single company has been a driving force for so many other companies over the decades, creating synergies and cooperation between tens, hundreds, and even thousands of people. 

Consistency is the foundation of success 

Tiit Atso pointed out that, in light of the ever-changing economic environment of the stock exchange, the fact that Harju Elekter’s shares have been dividend-bearing in all the years in which it has been listed has become more important than the share price movements. “It is worth noting that Harju Elekter is the most stable dividend payer on the Tallinn Stock Exchange. They have paid dividends every year since going public, for a total of 25 years without missing a single year,” the Head of the Tallinn Stock Exchange confirmed Atso’s story. “Harju Elekter is without a doubt the iron asset of the Tallinn Stock Exchange,” Kaarel Ots, the Head of Nasdaq Tallinn Stock Exchange, praised.  

Ots added that, of course, investors are also interested in the company’s share yield. “If an investor bought Harju Elekter’s shares on the first day of trading in the amount of EUR 1,000 and held the investment until today, including reinvesting all dividends received, the value of the investment today would be around EUR 12,500,” Ots said, adding that the current peak in the value of the investment would have been around EUR 22,000. 

What will the next quarter century bring 

“Estonia’s investor community and investment culture has only been evolving for a little over 25 years, but the development has been remarkable. A major contribution has been made by all those companies that have gone public,” Kaarel Ots said. According to him, the next 25 years are also promising for the Tallinn Stock Exchange: “The Tallinn Stock Exchange is currently in its best shape. There are more companies on the stock exchange than ever before, they are more international in nature, and possess high quality management. Over the years, the level of investor relations has made great progress, transaction fees are lower, and the investor culture is broader, more informed and professional.” 

Janek Lehtmets, the CEO of Harju KEK AS, believes that for Harju Elekter, the future years will be successful on the stock exchange: “On a daily basis, we see the efforts of the Harju Elekter team in operating within a changing economic and production environment, and we believe in the ability of the company and its management to adapt to change and cope with various challenges. In recent years, electricity has received a lot of attention all over the world, which confirms the importance of the direction chosen 25 years ago and also gives Harju Elekter the opportunity to set new business horizons.” 

Today, 30 September, marks the 25the anniversary of the day when AS Harju Elekter went public in Tallinn. On the occasion of the anniversary, the company was congratulated on a screen in Times Square, New York.

During its early years, Harju Elekter was largely an Estonian-centric production company; however, the group has since become one of the largest electric power distribution solutions providers in the Nordic countries, actively contributing to a more sustainable society.

AS Harju Elekter was one of the first and one of the few Estonian companies to go public in the 1990s, and its life on the stock market has remained stable to this day. Most of the listed Estonian companies that started at the same time have since been delisted.

Tiit Atso, the Chairman of the Management Board at Harju Elekter, explained that by listing its shares on the stock exchange 25 years ago, Harju Elekter created the prerequisites for entering the international market and increased the credibility and growth prospects of the Estonian company.

“When we went public in 1997, the total value of the share capital was EEK 18 million, of which the value of one share was EEK 10. With the fund issue that took place in 2000, the then share capital was tripled. Since 2003, Harju Elekter has been on the main list of the Tallinn Stock Exchange,” Atso said.

Atso added that in 25 years on the stock exchange, the group has increased its turnover 22 times, and the company’s market value has increased almost 10 times.

“As of July 31 of this year, the share capital of AS Harju Elekter was EUR 11.5 million, consisting of 18.3 million ordinary shares. Harju Elekter has generally done well on the stock exchange and shares are actively traded. As of the second quarter of this year, the company had 9,842 shareholders,” Atso noted.

He stated that in the last five years, the number of shareholders has increased almost five-fold. More than 80% of Harju Elekter’s share ownership belongs to Estonian shareholders. “The large and stable number of shareholders shows that Harju Elekter occupies a reliable and secure place in investment portfolios. We are especially pleased that the company has been able to pay dividends to shareholders every year for the entire period listed on the stock exchange,” Atso emphasised.

Harju Elekter is an international industrial group with extensive experience in providing future proof solutions for electrical power distribution. We engineer, manufacture, and install electrification solutions for utilities, industries, infrastructure, plus public and commercial buildings. The entities of Harju Elekter Group in Estonia, Finland, Sweden, and Lithuania employ around 900 people, and the Group’s revenue for the first half of 2022 amounted to 79.2 million euros.

In order to harmonise management and increase synergies, AS Harju Elekter will continue the internal restructuring started in 2020 and plans to merge its plants in Estonia, whereby the production of AS Harju Elekter Elektrotehnika and AS Harju Elekter Teletehnika will be merged into a single subsidiary. The merger of Harju Elekter Elektrotehnika and Harju Elekter Teletehnika will allow for significant savings in both production and labour costs, and for a gradual transition to a company based on the LEAN principles.

The assets, rights and obligations of AS Harju Elekter Teletehnika will be transferred in their entirety to AS Harju Elekter Elektrotehnika. The merging companies, Harju Elekter Elektrotehnika as the acquiring company and Harju Elekter Teletehnika as the company being acquired, are both wholly-owned subsidiaries of Harju Elekter. The procedures necessary for the merger to enter into force are expected to be completed during the first quarter of 2023. As a result of the merger, the company will continue to operate under the name of AS Harju Elekter Elektrotehnika.

Based on the above and in order to ensure the smooth functioning of the merger process, Harju Elekter has decided to recall Indrek Ulmas from his position on the Management Board of AS Harju Elekter Elektrotehnika as of 3 October 2022, and to elect Alvar Sass as a new member of the Management Board with term of office three years, until 2 October 2025. Until the merger of the subsidiaries is entered in the commercial register, Alvar Sass will act as the CEO of both Harju Elekter Elektrotehnika and Teletehnika.

Alvar Sass (born 1985) has been a Member of the Management Board of AS Harju Elekter Teletehnika since 2017. Participation in management bodies of companies: Member of the Management Board of Radius Space OÜ; Member of the Management Board of Vientitec OÜ; Member of the Management Board of Justin Time OÜ; Member of the Supervisory Board of the Harju Entrepreneurship and Development Centre Foundation. Alvar Sass owns 15,689 shares in Harju Elekter.

The Supervisory Board of AS Harju Elekter Elektrotehnika will continue in its current composition: Chairman Tiit Atso, Members Endel Palla and Tarmo Kikas.

Harju Elekter is an international industrial group with more than 50 years of experience in the development and production of electrical and automation equipment. Part of the technical solutions of Harju Elekter are aimed at the renewable energy sector, offering complete packages for solar power plants, electric vehicle charging devices, and other related solutions. The Estonian, Finnish, Swedish, and Lithuanian factories employ around 900 people, and the Group’s revenue for the first half of 2022 was EUR 79.2 million. Shares of Harju Elekter are listed on the Nasdaq Tallinn Stock Exchange.

Tiit Atso
Chairman of the Management Board

+372 674 7400

Supervisory board of AS Harju Elekter elected Mr Priit Treial as the new member of the board and chief financial officer of the company, taking office on 14 November 2022 and his term of office is three years.

Priit Treial has been a member of the board and chief financial officer of Elektrilevi OÜ since 2018, and a member of the council of Narva Soojus AS and Imatra Elekter AS since 2021. In 2016-2018, he worked as a financial controller at Eesti Energia AS. In addition, he has long-term work experience as an investment analyst and group business controller from the commercial real estate company BPT Real Estate AS. Priit received his bachelor’s degree in 2006 from the University of Tartu in economics.

Priit Treial is the sole shareholder and member of the board of PHT Chemicals OÜ. He does not own Harju Elekter shares.

Starting from 14 November 2022, the management board of AS Harju Elekter will continue with three members: chairman Tiit Atso, members Priit Treial and Aron Kuhi-Thalfeldt.

Harju Elekter is an international industrial group with more than 50 years of experience, whose main activity is the development and production of electrical and automation equipment. Part of the technical solutions of Harju Elekter are aimed at the renewable energy sector, offering complete plans for solar power plants, electric vehicle charging stations, and other related solutions. Its factories in Estonia, Finland, Sweden, and Lithuania employ approximately 900 employees, and the Group’s revenue for the first six months 2022 was 79.2 million euros. The shares of Harju Elekter are listed on the Nasdaq Tallinn Stock Exchange.

Tiit Atso
Chairman of the Board
+372 674 7400

We are happy to present Erik and Tanel, our ambitious trainees, who have decided to complete their engineering internship at the Harju Elekter sheet metal factory in Keila. We asked them how the internship has gone so far, what they think about their first international business trip, and what attracts them the most of the engineering world.

The answer to the question of what makes working at Harju Elekter so exciting is quick and same from both Erik and Tanel: “Our team!”. “It’s nice to see people working here because they really like it,” adds Tanel. Recalling his childhood, Tanel says that when he was a boy, he had many career ideas. From a fireman to a schoolteacher. But the idea of becoming an engineer came up at school. “Erik nodded and added that while picking a specialty, he had a choice between road building and robotics. I decided to see how things are going with robots – so far I’m happy with the choice,’ explains Erik. Both agree that engineering is exciting, creative and offers a variety of job possibilities. “Engineers are the people who create the way of the future,” says Tanel. Erik added that there is always a new problem for engineers to solve, and there is definitely no risk of boredom in this area.”At least at Harju Elekter we haven’t got bored!”, says Tanel.

From left: Erik Simin, Ignas Kiauliavicius, Tanel Truus

The engineering trainees also gained their first international internship experience by spending a whole week at Harju Elekter’s Lithuanian plant. In addition to the factory, there is also the academy of Harju Elekter where young engineers are trained, and that’s where Erik and Tanel spent most of their international internship week. “First we had an electrical training, then Solid Edge training. Afterwards we were able to do our part and participate in the production process,” explains Tanel. Erik adds that all week of internship in Lithuania was exciting, concise and they did not feel excluded, even for a second. „A decent programme was set up for us,“ he said. Erik is also grateful to his Lithuanian colleague, senior mechanical engineer Ignas, who devoted a considerable amount of time to them, provided them a professional training and answered absolutely all questions. “We learned a lot from him,” says Tanel. Tanel adds: “Generally speaking, many people asked how we were doing and were interested in the internship process. There are many kind-hearted people at Harju Elekter!”.

Would they recommend Harju Elekter’s internship to the others? „Yes, absolutely!“ Erik and Tanel say in the same breath. Tanel emphasises the decision of the Estonian plant manager to send trainees to Lithuania to acquire new skills: “This is a big step for a trainee. The first internship and already such an experience!”. At Harju Elekter, there are certainly interesting challenges for students from our speciality. Both product development as well as robotics students can find a career opportunity. For instance, I’m working with a robot right now,” explains Erik.

At the end of the conversation, Erik and Tanel talk about their awesome team events – for example, last week they had a disc golf competition with the team. Even though Erik and Tanel have been at Harju Elekter for a short time, they feel like a very valued team members.

When asked what the future holds, both say that they hope to continue to work at Harju Elekter as well as continue with their studies at TalTech. The employer fully supports the studies by offering flexible work hours, and there are several other young engineers on the engineer team who study and work at the same time.

We wish Erik and Tanel the best of luck in their careers!

Added information on the number of shares of the issuer held by Tarmo Kikas.

Andres Allikmäe will be recalled from the Supervisory Board of AS Harju Elekter’s subsidiaries AS Harju Elekter Elektrotehnika and AS Harju Elekter Teletehnika, and Jan Osa from the Supervisory Board of AS Harju Elekter Elektrotehnika with effect from 31 May 2022.

Tarmo Kikas will be appointed as a new member of the Supervisory Board of AS Harju Elekter Elektrotehnika and AS Harju Elekter Teletehnika from 1 June 2022 for a term of five years. Tarmo Kikas is the Financial Controller of AS Harju Elekter. Before joining Harju Elekter in 2019, Tarmo Kikas worked as an auditor at KPMG for ten years. He holds a Bachelor’s degree in Economics from the University of Tartu. Tarmo Kikas owns 1,100 shares in Harju Elekter through his company OÜ Heta Kapital.

After the implementation of the changes, both Supervisory Boards will continue to be composed of three members: Tiit Atso (Chairman), Endel Palla, and Tarmo Kikas.

Harju Elekter has also decided to change Energo Veritas OÜ’s governance structure and abolish the Supervisory Board. In this context, all members of the Supervisory Board of Energo Veritas OÜ will be recalled as of 31 May 2022. The governing bodies of Energo Veritas OÜ will remain the Shareholders’ Meeting and the Management Board.

All of the above changes will be made for the purpose of reorganising the overall management structure of the AS Harju Elekter group.

Harju Elekter is an international industrial group with more than 50 years of experience, whose main activity is the development and production of electrical and automation equipment. Part of the technical solutions of Harju Elekter are aimed at the renewable energy sector, offering complete plans for solar power plants, electric vehicle charging stations, and other related solutions. Its factories in Estonia, Finland, Sweden, and Lithuania employ approximately 900 specialists, and the Group’s revenue for Q1 2022 was 37,3 million euros. The shares of Harju Elekter are listed on the Nasdaq Tallinn Stock Exchange.

Tiit Atso
Chairman of the Board
+372 674 7400

Prepared by:
Ursula Joon
Lawyer
+372 674 7413

Andres Allikmäe will be recalled from the Supervisory Board of AS Harju Elekter’s subsidiaries AS Harju Elekter Elektrotehnika and AS Harju Elekter Teletehnika, and Jan Osa from the Supervisory Board of AS Harju Elekter Elektrotehnika with effect from 31 May 2022.

Tarmo Kikas will be appointed as a new member of the Supervisory Board of AS Harju Elekter Elektrotehnika and AS Harju Elekter Teletehnika from 1 June 2022 for a term of five years. Tarmo Kikas is the Financial Controller of AS Harju Elekter. Before joining Harju Elekter in 2019, Tarmo Kikas worked as an auditor at KPMG for ten years. He holds a Bachelor’s degree in Economics from the University of Tartu.

After the implementation of the changes, both Supervisory Boards will continue to be composed of three members: Tiit Atso (Chairman), Endel Palla, and Tarmo Kikas.

Harju Elekter has also decided to change Energo Veritas OÜ’s governance structure and abolish the Supervisory Board. In this context, all members of the Supervisory Board of Energo Veritas OÜ will be recalled as of 31 May 2022. The governing bodies of Energo Veritas OÜ will remain the Shareholders’ Meeting and the Management Board.

All of the above changes will be made for the purpose of reorganising the overall management structure of the AS Harju Elekter group.

Harju Elekter is an international industrial group with more than 50 years of experience, whose main activity is the development and production of electrical and automation equipment. Part of the technical solutions of Harju Elekter are aimed at the renewable energy sector, offering complete plans for solar power plants, electric vehicle charging stations, and other related solutions. Its factories in Estonia, Finland, Sweden, and Lithuania employ approximately 900 specialists, and the Group’s revenue for Q1 2022 was 37,3 million euros. The shares of Harju Elekter are listed on the Nasdaq Tallinn Stock Exchange.

Tiit Atso
Chairman of the Board
+372 674 7400

Prepared by:
Ursula Joon
Lawyer

+372 674 7413

AS Harju Elekter Elektrotehnika, a subsidiary of AS Harju Elekter, will not renew the contract with Enefit Connect OÜ (before the transfer of the contract Elektrilevi OÜ) with the capacity of the prefabricated compact secondary substations with the capacities of 630 kVA and 1000 kVA and the accompanying components.

The significantly changed economic environment, where the prices of input materials, components and energy have risen sharply since the outbreak of the war in Ukraine, does not favour the continuation of the contract under the previously agreed conditions, which is why it was decided not to renew the contract for the next 24 months. The contract expires on 28.02.2023.

To date, Harju Elekter Elektrotehnika has supplied Enefit Connect with over the 600 substations in the total volume of approximately 15 million euros.

Harju Elekter is an international industrial group with more than 50 years of experience, whose main activity is the development and production of electrical and automation equipment. Part of the technical solutions of Harju Elekter are aimed at the renewable energy sector, offering complete plans for solar power plants, electric vehicle charging stations, and other related solutions. Its factories in Estonia, Finland, Sweden, and Lithuania employ approximately 900 specialists, and the group’s revenue for 2021 was 152 million euros. The shares of Harju Elekter are listed on the Nasdaq Tallinn Stock Exchange.

Tiit Atso

Chairman of the Management Board

+372 674 7400

Additional information:

Indrek Ulmas

CEO of Harju Elekter Elektrotehnika AS

+372 5061208

Prepared by:

Ursula Joon

Lawyer

+372 674 7413

The Supervisory Board of AS Harju Elekter elected Triinu Tombak as the new Chairman of the Supervisory Board. She has been the Member of the Supervisory Board of AS Harju Elekter from 1997 to 2007 and from 2012 to date.

As of 4 May 2022, the Supervisory Board of Harju Elekter has 6 members, in the following composition: Triinu Tombak, Andres Toome, Aare Kirsme, Arvi Hamburg, Märt Luuk ja Risto Vahimets. The term of office of the Members of the Supervisory Board is 5 (five) years.

Tiit Atso
Chairman of the Board
+372 674 7400

Prepared by:
Ursula Joon
Lawyer
+372 674 7413

The Annual General Meeting of Shareholders of AS Harju Elekter was held on 28 April 2022 starting at 10 a.m., at the Keila Kultuurikeskus, Keskväljak 12. The AGM was attended by 65 shareholders and their authorised representatives who represented the total of 11 581 806 votes accounting for 64,28 % of the total votes.

The decisions of the General Meeting were as follows:
1. Approval to AS Harju Elekter annual report of 2021

To approve the annual report of AS Harju Elekter of 2021, prepared by the management board and approved by the supervisory board, according to which the consolidated balance sheet total of AS Harju Elekter was 147,557 thousand euros as of 31.12.2021, while the revenue of the financial year was 152,757 thousand euros and net profit 2,610 thousand euros.

The number of the votes given in favor of the resolution was 11,522,000 which accounted for 99.48% of the voted participants.

2. Approval to profit distribution

To approve the profit distribution proposal of AS Harju Elekter of 2021 as presented by the management board and as approved by the supervisory board as follows:

*The shareholders registered in the shareholders’ registry on 17 May 2022 as of the end of the business day in the accounting system, shall be entitled to dividend. The dividend payment ex-date is 16 May 2022. From that date the new owner of the shares is not entitled to dividends for the year 2021. The dividends will be paid to the shareholders on 24 May 2022 by a transfer to the bank account of the shareholder.

The number of the votes given in favor of the resolution was 11,541,230 which accounted for 99,65% of the voted participants.

3. Remuneration principles

To approve remuneration principles of AS Harju Elekter in the form submitted to the General Meeting.

The number of the votes given in favor of the resolution was 11,553,086 which accounted for 99,75% of the voted participants.

4. Amendment of the Articles of Association

Amend the Articles of Association of AS Harju Elekter and approve the new wording of the Articles of Association in the form submitted to the General Meeting.

The number of the votes given in favor of the resolution was 11,577,799 which accounted for 99.97 % of the voted participants.

5. Election of member of the Supervisory Board

In connection with the expiry of the term of office of the members of the Supervisory Board on 3 May 2022, to elect a 6-member Supervisory Board for a term of 5 (five) years, from 4 May 2022 to 3 May 2027, in the following composition: Triinu Tombak, Andres Toome, Aare Kirsme, Arvi Hamburg, Märt Luuk ja Risto Vahimets.

The number of the votes given in favor of the resolution was 11,500,529 which accounted for 99.30 % of the voted participants.

6. Approval of the remuneration of the Supervisory Board

To determine the remuneration of the chairman of the Supervisory Board in the amount of 2,500 euros per month and the remuneration of the Supervisory Board member in the amount of 2,000 euros per month.

The number of the votes given in favor of the resolution was 11,555,587 which accounted for 99.77 % of the voted participants.

Annual Report 2021, Articles of Association, remuneration principles is provided on www.harjuelekter.com on the General Meeting 2022 site.

The webinar recording of the annual general meeting is found at https://youtu.be/GNEMV67JIOs.

Tiit Atso
Chairman of the Management Board
+372 6747 400

Prepared by:
Ursula Joon
Lawyer
+372 674 7413

The Finnish subsidiary of Harju Elekter Group, Telesilta Oy, signed a contract on 7 April 2022 with Uudenkaupungin Työvene Oy to provide turnkey delivery of electrical, automation, and navigation systems for trailing suction hopper dredger. The contract price is 2.5 million euros. The delivery will take place at the end of 2023 and the ship operator will be the Maritime Office in Gdynia, Poland.

Uudenkaupungin Työvene (Uki Workboat), established in 1987, has extensive experience in designing and building boats and vessels for professional use. The company delivers tailor-made turnkey projects on time and to cost. Telesilta Oy and Uudenkaupungin Työvene Oy have a long history in working as partners in the shipbuilding industry.

Telesilta Oy is an electrical engineering company established in 1978 and belonging to the Harju Elekter Group. The company specializes in challenging electrical contracting, for example, in shipbuilding industry – everything from planning to installation, implementation, and service. It also carries out electrical, maintenance, and repair work on industrial properties and other buildings.

Harju Elekter is an international industrial group with more than 50 years of experience, with its main activity being the development and production of electrical and automation equipment. Part of the technical solutions of Harju Elekter are aimed at the renewable energy sector, offering complete plans for solar power plants, electric vehicle charging stations, and other related solutions. Its factories in Estonia, Finland, Sweden, and Lithuania employ approximately 900 specialists, and the group’s revenue for 2021 was 152 million euros. The shares of Harju Elekter are listed on the Nasdaq Tallinn Stock Exchange.

Tiit Atso

Chairman of the Board

+372 674 7400

Additional information:

Joonas Puustelli

Managing Director of Telesilta Oy

+358 50 303 9991

Prepared by:

Marita Haho

Communications Specialist

+372 5398 3845

marita.haho@harjuelekter.com

AS Harju Elekter signed a contract to dispose its 14% holding in SIA Energokomplekss to the company’s managing director Kristaps Bleija. Harju Elekter is one of the founders of SIA Energokomplekss, engaged in the wholesale of electronic and telecommunications equipment and parts, established in 2006. The sale of the holding is related to Harju Elekter’s goal to focus on its core business

Andres Allikmäe, who represented Harju Elekter in SIA Energokomplekss, will resign as a member of the Management Board on April 4, 2022.

As the transaction is not significant according to the Stock Exchange Rules, the parties will not disclose the value of the transaction. The transaction is not a transaction with persons connected to the issuer and does not have a significant impact on the operations of Harju Elekter Group. The members of the supervisory board and management board of AS Harju Elekter are not personally or in other way interested in the transaction.

Harju Elekter is an international industrial group with more than 50 years of experience, with its main activity being the development and production of electrical and automation equipment. Part of the technical solutions of Harju Elekter are aimed at the renewable energy sector, offering complete plans for solar power plants, electric vehicle charging stations, and other related solutions. Its factories in Estonia, Finland, Sweden, and Lithuania employ approximately 900 specialists, and the group’s revenue for 2021 was 152 million euros. The shares of Harju Elekter are listed on the Nasdaq Tallinn Stock Exchange.

Tiit Atso
Chairman of the Management Board
+372 674 7400

Prepared by:
Ursula Joon
Lawyer
+372 674 741