Financial results, 1-12/2012

27.02.2013 Reports Market Announcements
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

Interim report 1-12/2012

Karin Padjus
FO

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