| Key figures (EUR’000) | Q4 2012 | Q4 2011 | 2012 | 2011 |
| Sales revenue | 12,565 | 13,101 | 52,801 | 46,674 |
| EBITDA | 540 | 834 | 3,439 | 3,378 |
| Operating profit | 167 | 520 | 1,970 | 2,025 |
| Net profit for the current period | 191 | 624 | 3,603 | 2,948 |
| incl. equity holders of the parent | 207 | 571 | 3,517 | 2,773 |
| EPS (EUR) | 0.01 | 0.03 | 0.21 | 0.17 |
During the year 2012, the Group’s sales revenue increased by 13% up to 52.8 million euros. In 2012, sales volumes increased from quarter to quarter, peaking in Q3. In Q4, the Group’s consolidated revenue was 12.6 million euros, which was 0.5 million euros less compering to the referring period. 90% of the consolidated sales income originated from Production segment enterprises and the sale of electrical equipment accounted for almost 84% of the sales income. In 2012, the sale of electrical equipment grew by 6.2 million euros or 16.3% up to 44.1 million euros incl. sales in Q4, which was 10.2 million euros, being 0.5 million euros lower compering to the referring quarter. 66.4% of the Group’s products and services were sold in foreign markets, outside Estonia (2011: 61.5%). The proportion of domestic markets (Estonia, Finland, Lithuania, and Sweden) has gradually decreased, reaching 90% (94% in 2011) of the sales income. At the same time the Group has worked hard to locate new markets and clients. Exports to other European Union countries have increased two and a half times, and one and a half times outside the EU. Germany, where an active partner with a large potential has been found, is also a developing and continuously growing market for the Group. In 12 months, sales to that market increased by 1.8 million euros compared to the reference period. This year, Ukraine and Switzerland were introduced as a new market to which the Group’s products were sold in the amount of 1 million euros. Supplies to Russia and Belarus have also increased by 0.4 million euros to 0.8 million euros.
The growth in the production and selling volumes has led to an increase in the number of employees in the Group. In Q4 2012, the average 457 people worked in the Group − on the average by 21 persons more than in the reference period. During the reporting year, the average number of employees increased by 25 persons up to 452 employees. As at the balance day on 31 December, there were 478 people working in the Group, which were 21 employees more than a year before. Labour costs increased 9%, to 11.9 million euros per year; although there was still a decrease of 7.2%, to 3 million euros in Q4, mainly due to the reduction of reserves. Labour expenses made up 23.7% of the revenue in the fourth quarter (Q4 2011: 24.5%), in the 12 months period 22.5% (2011: 23.3%). In the reporting period, the salaries of employees in all of the Group’s companies were adjusted. The average wages per employee per month amounted 1,684 (2011: 1,502) euros.
Operating profit of Q4 2012 was 167 (Q4 2011:520) thousand euros and EBITDA 540 (Q4 2011: 834) thousand euros. Return of sales for the accounting quarter was 1.3% (Q4 2011: 4.0%) and return of sales before depreciation 4.3% (Q4 2011: 6.4%). During 12 months, EBITDA increased by 1.8% to 3.4 million euros and operating profit decreased by 2.7% to 2.0 million euros. Return of sales before depreciation for the 12 months 2012 was 6.5% (2011: 7.2%) and return of sales was 3.7%, decreasing 0.6 per cent point compering to the reference period.
In the reporting period the Group received dividend in the about 854 (2011: 795) thousand euros. In the first quarter, also 15,400 PKC Group Oyj shares were sold and the financial income from selling the shares was 175,000 euros. No profit was earned on other financial investments in the comparable period. Net financial expenses have increased by 254,000 euros to 1.0 million euros within 12 months. In 2012, the Group consolidated from the associated company a profit of 1.1 (2011:0.5) million euros.
Overall, the consolidated net profit of the Q4 2012 was 0.19 (Q4 2011: 0.62) million euros, of which the share of the owners of the parent company was 0.21 (Q4 2011: 0.57) million euros. EPS in the Q4 was 0.01 (Q4 2011: 0.03) euros. The consolidated net profit of the year was 3.6 (2011: 2.9) million euros. EPS was 0.21 (2011: 0.17) euros.
Q4 2012, in addition to the existing 51% holding, AS Harju Elekter has acquired from a Lithuanian shareholder a further 11.7% holding in its Lithuanian subsidiary UAB Rifas, resulting in an increase of the holding of AS Harju Elekter in the company to 62.7%. A contract was concluded on 30 November 2012, and the transaction will close on 5 December 2012.
In the accounting year, cash flow from operating activities was 4.6 (2011: 1.2) million euros and outflow from investing activities was 57,000 (2011: 2.2 million) euros. The Group received 0.66 million euros from the bonus issue and paid dividends in the amount of 1.2 (2011: 1.1) million euros. All in all, cash outflow from financing activity was 2.0 (2011: 0.6) million euros. During the year, cash and cash equivalents increased by 2.5 million euros to 3.4 million euros; within the comparable period cash and cash equivalents decreased by 1.6 million euros to 0.8 million euros.
Andres Allikmäe
Managing director/ CEO
Tel +372 674 7400
For more information: Internal report 1-12/2012
| AS HARJU ELEKTER | ||||
| BALANCE SHEET, 31.12.2012 | ||||
| Consolidated, unaudited | ||||
| Group | ||||
| EUR’000 | ||||
| ASSETS | 31.12.12 | 31.12.11 | ||
| Cash and cash equivalents | 3 352 | 815 | ||
| Trade receivables and other receivables | 6 493 | 7 848 | ||
| Prepayments | 232 | 104 | ||
| Prepaid income tax | 0 | 20 | ||
| Inventories | 6 395 | 6 658 | ||
| TOTAL CURRENT ASSETS | 16 472 | 15 445 | ||
| Deferred income tax asset | 5 | 35 | ||
| Investments in associates | 2 295 | 1 177 | ||
| Other long-term financial investments | 21 386 | 16 023 | ||
| Investment property | 10 454 | 10 833 | ||
| Property, plant and equipment | 8 546 | 8 985 | ||
| Intangible assets | 606 | 422 | ||
| Total non-current assets | 43 292 | 37 475 | ||
| TOTAL ASSETS | 59 764 | 52 920 | ||
| LIABILITIES AND OWNERS’ EQUITY | ||||
| Interest-bearing loans and borrowings | 1 075 | 2 245 | ||
| Trade payables and other payables | 5 902 | 6 268 | ||
| Tax liabilities | 1 049 | 758 | ||
| Income tax liabilities | 75 | 29 | ||
| Short-term provision | 23 | 17 | ||
| TOTAL CURRENT LIABILITIES | 8 124 | 9 317 | ||
| NON-CURRENT LIABILITIES | 1 517 | 1 569 | ||
| TOTAL LIABILITIES | 9 641 | 10 886 | ||
| Share capital | 12 180 | 11 760 | ||
| Paid-in capital over/under par | 240 | 0 | ||
| Restricted reserves | 21 354 | 15 881 | ||
| Retained earnings | 14 995 | 12 672 | ||
| TOTAL OWNERS’ EQUITY | 48 769 | 40 313 | ||
| Non-controlling | 1 354 | 1 721 | ||
| TOTAL EQUITY | 50 123 | 42 034 | ||
| TOT.LIABILIT.AND OWNERS’ EQUITY | 59 764 | 52 920 | ||
| INCOME STATEMENT, 1-12/2012 | ||||
| Consolidated,unaudited | ||||
| EUR’000 | ||||
| GROUP | Q4 2012 | Q4 2011 | 1-12/2012 | 1-12/2011 |
| NET SALES | 12 565 | 13 101 | 52 801 | 46 674 |
| Cost of goods sold | -10 632 | -10 956 | -44 175 | -38 863 |
| Gross profit | 1 933 | 2 145 | 8 626 | 7 811 |
| Marketing expenses | -658 | -604 | -2 774 | -2 270 |
| Administrative expenses | -1 088 | -995 | -3 876 | -3 455 |
| Other revenue | 1 | -4 | 49 | 16 |
| Other expenses | -21 | -22 | -55 | -77 |
| Operating profit | 167 | 520 | 1 970 | 2 025 |
| Net financial incomes/expenses | -6 | -16 | 997 | 744 |
| Income from subsidiaries | 104 | 97 | 1 118 | 497 |
| Profit from normal operations | 265 | 601 | 4 085 | 3 266 |
| Corporate Income tax | -74 | 23 | -482 | -318 |
| Profit after taxes, incl | 191 | 624 | 3 603 | 2 948 |
| Net profit for the period | 207 | 571 | 3 517 | 2 773 |
| Non-controlling interest | -16 | 53 | 86 | 175 |
| Basic earnings per share (EUR) | 0,01 | 0,03 | 0,21 | 0,17 |
| Diluted earnings per share (EUR) | 0,01 | 0,03 | 0,21 | 0,16 |
Karin Padjus
FO
