Commencement of negotiations

30.04.2014 Market Announcements

AS Harju Elekter announces that Satmatic Oy, the Group’s subsidiary in Finland, has started negotiations with Finnkumu Oy, Finland’s largest pre-fabricated substation producer. Successful negotiations will increase market share in Finland and may also lead to the acquisition of the company’s shares.

Finnkumu Oy is a leading Finnish enterprise involved in the planning, production and sale of electricity distribution devices, mainly pre-fabricated substations and distribution cabinets. In 2013, the company’s turnover amounted to EUR 10.4 (2012: 6.6) million.

Satmatic Oy is the leading producer of automated industrial equipment and the importer and distributor of the Group’s products in Finland. The company’s headquarters and plant are located in Ulvila. In 2013, the enterprise’s turnover amounted to EUR 19.7 (2012: 21.3) million, and there are 76 employees working in the enterprise.

Harju Elekter is the leading MV/LV electrical and engineering devices producer in the Baltic States as well as well-known and respected 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 (63%), as wellas the telecommunications products manufacturer AS Harju Elekter Teletehnika (100%) in Estonia. In addition, AS Harju Elekter has a holding in the affiliated company AS Draka Keila Cables (34%) and financial investments in the Latvian electrical equipment sales company SIA Energokomplekss (14%) and in the Finnish publicly listed company PKC Group
Oyj (5%).

Andres Allikmäe
+372 674 7400

Additional information: Andres Allikmäe, Manager 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