2011 in brief

In 2011, there was an innovation competition in the Group, to acknowledge engineers and technicians working on product development and innovation. 9 works were presented to the competition by 18 authors. The jury found unanimously that the best work was the wind farm energy gathering system – Lista Wind Farm – prepared by the engineers of AS Harju Elekter Elektrotehnika. A contract has already been entered into to put it into practice in 2012, in Norway, in the amount of 600,000 euros.

Swiss CE Asset Management, along with its Baltic partners, announced the next nominees for the Corporate Excellence Award in October. AS Harju Elekter was recognise as the best in Estonia and fourth among the Baltic States. It was recognised thanks to its market position, stable customer base, good historic economic results and promotion of the general management of the company.

In October, AS Harju Elekter participated in the investment fair Rahakompass 2011, the recurrent topic of which was responsible conduct in saving, investment and company management. The business was represented with an advertising display and introduced itself in the panel of short presentations.

In 2011, Krediidiinfo AS awarded to AS Harju Elekter the credit rating AA (very good). The rating of Krediidiinfo AS assesses the activities of the company as a whole and represents an aggregate assessment of the company’s economic and financial condition as well as the payment patterns. Only 7.6% of the Estonian companies have credit rating AA.

In autumn, subsidiary Rifas UAB launched the operation of a 50 kW solar power plant, which, due to the favourable repurchase price of electricity, will to cover most of the expenditure incurred to produce electricity at the Lithuanian subsidiary and will enable the testing of various solar energy solutions.

Finnish subsidiary was awarded the certificate “Suomen Vahvimmat 2007– 2011” by the client register of Suomen Asiakastiedon. The creditworthiness of the company is the main evaluation criterion. The title is awarded to a company that has met the highest requirements of Alfa rating for five consecutive years. The number of such companies makes up only 10% of all companies registered in Finland.

The production management of Satmatic Oy as well as Rifas UAB declared to be in conformity with the standards of the international environmental management system ISO 14001:2004. Activities of Rifas UAB also were recognized with the health and safety management system OHSAS 18001 standards.

The Group built a new 5000 sq.m production complex for AS Saajos, manufacturer of fire-proof safety doors. The construction completed in December 2011 and the premises have been given for a long-term lease to the company.

To expand its activities and increase its market share in Sweden, Harju Elekter AB, a subsidiary of AS Harju Elekter, acquired the assets of BGB Power Solutions AB in January. The total cost of the contract was SEK 500,000. On the basis of the contract, Harju Elekter AB acquired assets and a strategic partnership agreement with contractual prices, support services and selling. The deal will be financed from own funds over two years in accordance with the contract.

Subsidiaries AS Harju Elekter Elektrotehnika, Satmatic Oy and AS Harju Elekter Teletehnika participated in the energy fair Verkosto 2011, held in Finland in February. A stand presented to fair clients substations with a metal casing, which were complemented by construction materials from the other product families. In April, the AS Harju Elekter Trade Group presented the products, produced by Group’s companies, the retail shops and their professional product selection and displayed the products of the companies, represented by the Group, in the international building fair Estbuild 2011. In October, subsidiary Rifas UAB presented its portfolio of products in Elmia Subcontractor Fair in Sweden.

The supervisory board and management board of AS Harju Elekter adopted a decision to consolidate all of the Group’s Estonian companies under the trademark Harju Elekter. The use of a joint logo helps increase the competitiveness of the Group and creates additional benefits and possibilities in marketing activities. Based on this, the supervisory board of subsidiary AS Eltek approved AS Harju Elekter Teletehnika as the new name of the company.